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Mr. Jacobs and Mr. Duffy reorganized and launched the Marc Jacobs collection label in 1993, but largely lived off their reputations and their list of friends - including supermodels, celebrities and photographers - until Mr. Jacobs took on the top design job for Louis Vuitton in 1997. As part of that deal, LVMH agreed to finance Mr. Jacobs‘ signature collection, which also has grown to include the contemporary line Marc by Marc Jacobs.

Mr. Jacobs splits his time between New York and Paris.

c AP fashion writer Samantha Critchell in New York contributed to this report.