French media first reported the news that the fashion industry icon and Chanel creative director died on Tuesday.
Chanel confirmed Lagerfeld's death in Paris. A cause of death was not disclosed. Lagerfeld missed a Chanel haute couture show in Paris in January, igniting rumors about his health.
Lagerfeld, also known as The Kaiser due to his German heritage, had a signature look that consisted of black leather gloves, dark glasses, black jeans and a ponytail.
He joined Chanel in 1983 and stayed on as the creative director for the rest of his life.
Lagerfeld was also the creative director of Fendi and founded his own fashion line.
"Karl your genius touched the lives of so many, especially Gianni and I. We will never forget your incredible talent and endless inspiration. We were always learning from you," Versace head Donatella Versace said on Instagram Tuesday alongside a photo of herself with Lagerfeld.
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