Today is a sad day in fashion: Karl Lagerfeld announced he's retiring. I guess all the rumors were true indeed. He will show his last Chanel Couture collection in July in Paris. It remains to be seen who will replace him — perhaps Lanvin's Alber Elbaz? — and whether or not he will also retire from Fendi and his namesake line.To hear the statement Chanel made about Karl's exit,
April Fools! Did you really think Kaiser Karl would ever retire? Like Chanel recently said, he's going nowhere. Phew!