What the hell is going on in the world of fashion at the moment? I didn't think anything could shock me more that last week's revelation that Christian Lacroix has filed for bankrupcy and will not be showing at couture week in June, but recent rumours have managaed to top that.

If reports are anything to go by, Uncle Karl is set to leave Chanel. Yes, you did hear me correctly. According to sources, the designer who has worked at the fashion house as creative director since 1983 has not renewed his contract with the house. How can there ever be a Chanel without Karl, and more to the point, who would ever consider trying to take on the burden of leading the house if reports of Lagerfeld's departure are true? A Shaded View of Fashion have pinned Lanvin designer Alber Elbaz as the man lined up to do the job.

Under him, Lanvin has gone from strength to strength after he was appointed the leading role as creative director in late 2001. Ex-Nina Ricci designer Olivier Theyskens, who was recently reported to be taking over at Halston, until it was later confirmed that British designer Marios Schwab has actually landed the position, is said to be set to replace Elbaz at Lanvin.

Although this all remains merely speculation, it will be interesting to see how this unfolds.