Chiquet, who has been CEO since 2007, is leaving "due to differences of opinion about the strategic direction of the company," the New York Times quoted Chanel as saying.
Chairman Alain Wertheimer will take over operational responsibilities as the company seeks a new leader, the Times reported.
The news of Chiquet's departure came just a day after Chanel exhibited its latest haute couture collection in Paris.
Chanel could not immediately be reached for comment outside regular business hours.
By Ankush Sharma.