The German designer, who was the driving behind luxury heritage Chanel and Fendi, was one of the one of the fashion industry's most prolific figures.
Largerfeld presided over the fashion house established by Coco Chanel for more than three decades, producing up to eight collections a year. He was widely regarded as the saviour of the fashion house founded by Coco Chanel, which was in danger of becoming the preserve of monied grandmothers.
The designer had not revealed any details of ill health, however he was notably absent from the Chanel couture show in January. It was the first time since Largerfeld took over as the fashion house's creative director in 1983 that he had not taken his customary bow.
Donatella Versace paid tribute to her fellow designer on Instagram: "Karl your genius touched the lives of so many, especially Gianni and I. We will never forget your incredible talent and endless inspiration. We were always learning from you."
Victoria Beckham also paid her respects to the fashion figure on the social media platform: "So incredibly sad to hear this. Karl was a genius and always so kind and generous to me both personally and professionally. RIP x vb"
Chanel CEO Alain Wertheimer said in a statement: "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."