Karl Lagerfeld Fall 2010 runway show

Karl Lagerfeld on his Fall 2010 runway. Photo: Patrick Kovarik, AFP / Getty Images

Looks like we'll be seeing a little less of Karl Lagerfeld during Paris Fashion Week -- sob!

No, the Prince of Darkness hasn't gone on another diet. But he has canceled the runway show for his Karl Lagerfeld fashion line, which was scheduled to run Oct. 3, WWD reports.

Instead, the Chanel and Fendi designer will offer a ready-to-wear Karl Lagerfeld collection to be sold primarily online, according to the paper.

OK, we forgive you.

And it gets better. The collection -- which will reportedly include women's wear, some men's pieces, denim, and sportswear -- will "be something affordable for lots of people," the designer told WWD.

Hopefully those "people" aren't only named Trump and Rockefeller.

"I wanted this for a long time," Lagerfeld added. "I prefer to work in another way.

"I can't compete with Chanel. I don't want to be the poor child of myself. This has been my vision for years.

"I feel that it is almost a duty to do this with my name: it's the way to modernity."

If you say so. The new, more commercial line -- set to launch in Fall 2011 -- will reportedly be inspired by "mass elitism." Fun!

Now, if only we could get him to do an affordable Chanel collection. A girl can dream, can't she?

Meanwhile, check out Keira Knightley's biker-babe style for Chanel's Coco Mademoiselle campaign.