"It's largely due to Tomas's high-level creative demands that Bottega Veneta became the house it is today. He put it back on the luxury scene and made it an undisputed reference," said François-Henri Pinault, chief executive and chairman of Kering. "I am deeply grateful to him and I personally thank him for the work he accomplished, and for the exceptional success he helped to achieve."

The German designer was named creative director in 2001, when Tom Ford, enlisted Maier to lead the brand and bring it out of debt and obscurity. Something Maier managed. During his leadership, Bottega grew at a rapid pace, surpassing $1 billion in sales by 2012. However, in recent years Bottega Veneta has failed to keep growing arguably due to the inability to tap into the current zeitgeist.

An announcement of Maier’s successor is expected immediately. Business of Fashion states that a feel for handbags is one of the essential elements in the hiring process. Bringing Phoebe Philo’s ability to generate blockbuster high-end handbag styles to mind.

Stay tuned!