Update: Chanel has responded to rumours that their upcoming Cruise 2017 show would be Karl Lagerfeld's last for the house, releasing this statement: "The rumours about Mr Lagerfeld discontinuing the collections and the Cruise Collection show in Cuba being the last are unsubstantiated." Hurrah!  Catch up on the  debunked rumours below.

It's been a tumultuous six months for fashion insiders, as Raf Simons' shock departure from Dior in October 2015 triggered a wave of exits from the industry's top jobs - Alber Elbaz from Lanvin, Hedi Slimane from Saint Laurent and just this week, Francisco Costa and Italo Zucchelli from Calvin Klein, to name just a few. But Karl Lagerfeld retiring from Chanel? To call it the end of an era would be an understatement.

Although King Karl has famously declared he would never retire, at 82 years old (he turns 83 this September), we could forgive him for changing his tune. According to Page Six, a Paris friend of the famed fashion designer says he's "really tired," adding, "He's not doing well and he's ready to stop."

Rumours are swirling that Chanel's Cruise 2017 show, to be held in Cuba next month, could be Lagerfeld's last. Which begs the question - who could possibly succeed him? Hedi Slimane is considered a hot favourite - rumour has it Lagerfeld loves him - or could Raf Simons squash rumours he's headed for Calvin Klein and turn up at Rue Cambon instead? Time will tell.

Update: Karl Lagerfeld isn't going anywhere