11/19/2010 02:19 pm ET Updated May 25, 2011

Karl Lagerfeld: I'd Hand Chanel Over To Haider Ackermann

Although we cannot possibly imagine a world without the witticisms and designs of Karl Lagerfeld, the Kaiser has already started thinking about his successor at Chanel, WWD reports. He told Numero magazine, "I have a contract for life so it all depends on who I would like to hand it to. At the moment I'd say Haider Ackermann."

So, who is Haider? According to New York Magazine, he's from Colombia, graduated from the Antwerp Fashion Academy of Fine Arts and started his line in 2001. NY Mag writes, "He's touted as a young Rick Owens for his abstract work with leather and avant-garde draping." He's a favorite of Tilda Swinton and has dressed Penelope Cruz.

Haider reacted to Karl's Komments, telling WWD, "What can one possibly say to such a phrase?! Such a compliment! Honored I feel, how can one not be?! In all honesty tremendously, immensely touched especially coming from Monsieur Lagerfeld."

Check out some of Haider's designs and tell us what you think.