Fashion: The School of Cool

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But while his products are high profile, Jacobs himself is not. Unlike many of his more media-friendly colleagues--Tom Ford and Donatella Versace come to mind--the low-key Jacobs would rather cultivate his grunge-kid image than kowtow to Hollywood stars or join the society party circuit. Born in New York City, Jacobs was raised by his grandmother, whom he still cites as a fashion muse, having introduced him to places like Bergdorf Goodman and encouraged him to sketch. He now lives in Paris, works almost 365 days a year and pals around with longtime friends like artist Elizabeth Peyton and director Sofia Coppola. His grunge-meets-glamour aesthetic, often inspired by his friends, has quietly permeated the fashion world, influencing both luxury and mass-market designers. If Ford's louche Gucci Amazons symbolized the excesses and decadence of the '90s, then Jacobs' offhand, sexy thrift-store style is shaping up to be the fashion leitmotif of this decade.

Jacobs is particularly deft at attracting different kinds of customers. At Vuitton he appeals to the consumer's lust for "trading up"--buying something slightly out of her price range because of the status that attends it. And with his less expensive Marc line, he has created high fashion for a younger customer.

It was only seven years ago that Jacobs and his business partner of 20 years, Robert Duffy, were struggling to keep their business afloat, consulting for other design houses and refinancing their personal homes for cash. "The most accurate thing that was ever said about me is that I've had more comebacks than Jamie Lee Curtis in Halloween," says Jacobs. "Robert and I have a long history of not giving up." The two met in 1983 at a Parsons dinner, at which Jacobs was presenting a collection and Duffy, then employed by the Seventh Avenue manufacturer Ruben Thomas, was looking for new talent. In 1988 Jacobs was named womenswear designer at Perry Ellis and made his mark designing what he now calls uptown clothes with downtown attitude. But after his famous 1993 grunge collection, which featured floral-print dresses over striped T shirts, Jacobs was fired, so he and Duffy teamed up to create a Marc Jacobs line, which they produced on a shoestring until Arnault came calling three years later. Jacobs quickly reprised the LV logo in varnished leather and then, with the first collection of handbags designed under his own name, raised the bar for American accessories, an area usually stronger in Europe.

For all his commercial success, Jacobs doesn't put much stock in the marketplace as a design engine. He develops collections through discussions with his design staff and endless sketching. He thinks the secret is in the spontaneity of his clothes. "We got somewhere by making something we thought was right," says Jacobs, "not by sitting and thinking what we could contrive that millions of women will want." Although he seems to be pretty good at that too.