Lanvin fashion designer Lapidus leaves after only 2 seasons

By Associated PressMarketsAssociated Press

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

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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.