Jacobs' collection was snatched on London's Mount Street on Wednesday, reports Women's Wear Daily.
Some reports cite that the collection was stolen on a train en route to Paris, which makes the entire situation that much more dramatic.
The American designer's public relations team confirmed the crime and announced the cancellation of a scheduled press day on Wednesday, reports the Telegraph.
Dear all, the statement sent via email began. The Marc Jacobs PR team is sorry to inform you that our press day tomorrow in the Marc Jacobs store [in London] is cancelled, due to the theft of the spring/summer 2012 collections during its transfer from Paris.
Fashionista adds that the thieves must have snatched the luxury goods for the purpose of duplication, since it would be quite difficult to sell the clothes on the black market without garnering a lot of attention.
If the stolen items were samples, this means that they have not gone into distribution yet.
Jacobs is said to have duplicates of his looks which can be used in place of the pilfered ones.
However, WWD is reporting that the entire collection was not stolen, rather just some ready-to-wear and accessories.
The fashion publication did confirm the cancellation of the UK press day and added that a spokeswoman for Marc Jacobs could not personally be reached.
Where are the fashion police when you need them?