The fashion week season may have culminated in Paris last week, but rumors about switch-ups at the word's biggest fashion brands keep coming -- with Diego Della Valle's Italian leather goods firm Tod's the latest label to cause a buzz.

A report this week by WWD suggested US creator Derek Lamwould be leaving his post as the label's creative director, with the company subsequently releasing a statement Tuesday confirming big changes within the brand.

"Following the rumors of an alleged termination of the collaboration between Tod's and Derek Lam, the company confirms that the agreement between the parties is set to terminate on 30/9/12," read the release.

"In the meantime, Tod's is in the process of evaluating its options, considering that, based on the company's future development plans, the role of the Creative Director of Tod's will be central and even more important. The choice will therefore be directed toward an individual with great creative talent and able to commit the necessary amount of time to the success of the brand."

There had been speculation that former Christian Dior creative director John Galliano had been in talks with Della Valle to revamp the Schiaparelli brand or create a Tod's capsule collection.

While Della Valle dismissed these rumors in an interview with WWD, the mere suggestion somewhat overshadowed reports of Lam's departure. Meanwhile, Lam -- who has his own successful namesake label and diffusion line 10 Crosby -- now joins the ever expanding list of contenders for the vacant Christian Dior creative director role.

Designers including Haider Ackermann, Christopher Kane and Maxime Simoens were just some of those linked to the position during the fashion week season, while creators Stefano Pilati and Raf Simons announced their departures from Yves Saint Laurent and Jil Sander respectively.