Designer Reed Krakoff has announced he will be leaving American fashion and accessories label Coach.

After 16 years in the hot seat as president and executive creative director at Coach, designer Reed Krakoff is stepping down to focus on his own namesake label.

Conneticut-born Krakoff trained at Parsons The New School for Design in New York City before starting work in classic American brands Anne Klein and Ralph Lauren. He was twice awarded the CFDA award for Accessories Designer of the Year (in 2001 and 2004) for his designs at Coach.

Founded in 1941 in New York City, Coach has expanded from leather goods into a major name in luxury and has seen much of its recent growth in Asian markets. This year Coach saw a 6% increase in net income (up to $239 million) while the brand’s third quarter sales rose 7% to $1.19 billion.

“It’s been an amazing partnership, both professionally and personally,” added Coach chairman and chief executive Lew Frankfort.

Forty-nine-year-old Krakoff is parting to focus on the development of his successful men’s and women’s wear lines at Reed Krakoff. There are already rumors that the brand may be sold off to another group, with Krakoff participating in the deal.

Krakoff will continue in an advisory role at Coach until June 2014, and the brand has begun its search for a successor.