Karl Lagerfeld has died in Paris on Tuesday morning at age 85.
The news comes after his lack of appearance at the Chanel haute couture show in Paris last month.
He has worked with Fendi since 1965 and been the creative director at Chanel since 1983, as well as his own namesake label.
His longstanding career has been celebrated around the world.
Chanel CEO Alain Wertheimer put out a statement via the luxury brand's Instagram page.
"Thanks to his creative genius, generosity and exceptional intuition, Karl Lagerfeld was ahead of his time, which widely contributed to the house of Chanel's success throughout the world.
"Today, not only have I lost a friend, but we have all lost an extraordinary creative mind to whom I gave carte blanche in the early 1980s to reinvent the brand."
Chanel president of fashion Bruno Pavlovsky said that Lagerfeld left his mark on the legend of Gabrielle Chanel.
"Fashion show after fashion show, collection after collection, Karl Lagerfeld left his mark on the legend of Gabrielle Chanel and the history of the house of Chanel.
"He steadfastly promoted the talent and expertise of Chanel's ateliers and Metiers d'Art, following this exceptional know-how to shine throughout the world.
"The greatest tribute we can pay today is to continue to follow the path he traced by - to quote Karl - 'continuing to embrace the present and invent the future'."
Virginie Viard has been named Lagerfeld's successor for Chanel.
LVMH - which owns Fendi - chairman and chief executive Bernard Arnault also put out a statement.
"We have lost a creative genius who helped to make Paris the fashion capital of the world and Fendi one of the most innovative Italian houses.
"We owe him a great deal: his taste and talent were the most exceptional I have ever known."
His namesake label also put out a statement on Instagram:
"The house of Karl Lagerfeld shares, with deep emotion and sadness, the passing of its creative director, Karl Lagerfeld, on February 19, 2019, in Paris France.
"He was one of the most influential and celebrated designers of the 21st century and an iconic, universal symbol of style.
"Driven by a phenomenal sense of creativity, Karl was passionate, powerful and intensely curious.
"He leaves behind an extraordinary legacy as one of the greatest designers of our time, and there are no words to express how much he will be missed."
Chanel has over 20 boutiques across Australia, and Fendi has four boutiques across the nation.