11/11/2010 12:56 pm ET | Updated May 25, 2011

Karl Lagerfeld Dishes On Coco Chanel's 2 Big Mistakes

Although Karl Lagerfeld offered profundities such as "I am a cocktail," and "I have no idea of what it means to take yourself seriously," at the International Herald Tribune's Luxury Heritage conference on Tuesday, the designer did have a bit more to say.

Vogue UK reports that he chatted a bit about Coco Chanel herself. Karl remarked, "Coco did a lot but not as much as people think or as much she herself taught at the end of her career." He also dished on a pair of mistakes Chanel made late in her game:

"The first was when she said 'Not one man I have spoken to likes a woman in mini skirts'. I think no one dared to tell this 86-year-old lady that miniskirts are great and really sexy," he says. "Number two was when she decided blue jeans were horrible. This was the fashion of the world at that partuclar moment -- it was the Sixties. No one wanted to be told by an old lady that miniskirts and jeans weren't chic. The result was that she lost her power and in the end no one cared about what she did."

Oh, Karl. It's never too late for some Chanel denim bellbottoms!