According to reports, the creative director of Chanel died on Tuesday after weeks of ill health, which had already sparked concern among his peers when he didn't attend Chanel's spring-summer haute couture show in Paris in early February.
French celebrity online magazine Purepeople said Lagerfeld died this morning after being rushed to a hospital in Neuilly-sur-Seine just outside Paris the night before.
However, a source close to the company has confirmed the death of the German designer.
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Lagerfeld also designed collections for his own brand and fashion house Fendi.
This was the first time he had ever missed giving a bow at the end of a Chanel catwalk show.
At the time, the fashion house said Lagerfeld was exhausted.
Regarded as one of the most important fashion visionaries of the 20th and 21st centuries, he was known for regularly wearing sunglasses and a black suit with a white shirt, with his grey hair pulled back into a ponytail. The specific cause of death is now unknown.