Lanvin fashion designer Lapidus leaves after only 2 seasons

After just two seasons as creative director of Lanvin, the storied Parisian house has announced the departure of its designer Olivier Lapidus.

Lapidus' designs for the brand since his surprise appointment last July were greeted tepidly by both industry insiders and the French press, for whom Lanvin holds a near-sacrosanct place as France's oldest existing fashion house.

But the quick exit of Lanvin's third creative head in as many years, announced Thursday, could be a public sign of the financial troubles the house has been experiencing in recent years stemming from a drop in revenues.

Chinese conglomerate Fosun International bought the label last month.

Lanvin said the womenswear designs will be temporarily steered by the house's "current design team" until a new head designer is announced.