Karl Lagerfeld is reportedly planning on stepping down from his role at Chanel by early 2012. Lagerfeld has been with Chanel for almost 30 years.

Lagerfeld has said he will never retire, but the move marks what is likely a slowdown by the design icon. Lagerfeld is also the creative director at Fendi, and has his own label as well.

Chanel is reportedly look at Alber Elbaz, from Lanvin, to replace Lagerfeld.