Chanel just sent out this statement:

Please note that Karl Lagerfeld is the Creative Designer of CHANEL and has a long-term contract with the company. Replacing him is not an issue.

At least it didn’t take them long to shut down the rumor mill this time. We expect that when it does come time for Karl to step down he’ll do so with such fanfare that last week’s glaciers will look like snow cones.

Meanwhile, Tommy Ton tweets that watching Style.com’s videos from Paris might help solve this earth shattering mystery everyone’s talking about.

Photo courtesy of Jak & Jil.