In a statement released Tuesday afternoon, the company said it's looking for someone to replace Lam after his current contract ends on Sept. 30. It made the announcement on the same day that it reported a profit increase of 24 percent from last year, and said it would actively be looking for someone who has the time and energy to fully dedicate himself or herself to the job. The Financial Times posted the statement in full:
"Following the rumors of an alleged termination of the collaboration between Tod's and Derek Lam, the company confirms that the agreement between the parties is set to terminate on 30/9/12. In the meantime, Tod's is in the process of evaluating its options, considering that, based on the company's future development plans, the role of the Creative Director of Tod's will be central and even more important. The choice will therefore be directed toward an individual with great creative talent and able to commit the necessary amount of time to the success of the brand."
That last part, about being "able to commit the necessary amount of time to the success of the brand" suggests that the company is on the hunt for a designer who isn't already running a (or in Lam's case, two) successful clothing line.