Alexander Wang to leave Balenciaga

Rumours about his departure surfaced earlier this month when the French fashion house’s owner, Kering, released a statement saying, “There are discussions between the designer and Balenciaga regarding the renewal of the contract.” At the time of Wang’s appointment, Francois-Henri Pinault, CEO of Kering, said: “We’re looking at a new name in the promotion of the brand…”

The young American designer was an attractive hire for Balenciaga.

Wang is considered one of the most successful American designers of his generation. He has an uncanny sense of knowing what a large range of people will covet – from attitude and presentation to the actual selling of bags and sweaters.

Wang’s predecessor Nicholas Ghesquiere was creative director at Balenciaga for 15 years and Wang joined the house in 2012 when Ghesquiere left for Louis Vuitton. Balenciaga CEO Isabelle Guichot will report to Loebsack when she assumes her role in September. Half of that sum comes from its own retail efforts, which Balenciaga has invested in significantly, jumping from three to 90 stores in the last seven years. Market sources estimate that the brand generates yearly revenues of over 350 million euros (or about $391.5 million at current exchange rates) and is profitable, WWD reported. Kanye West, Kim Kardashian, and M.I.A. were worked into the front row at Paris Fashion Week shows.

Alexander Wang has quit his position as creative director of Balenciaga.

Beyond that, Wang used his celebrity hob-knobbing to help launch campaigns with Kate Moss, Gisele Bündchen and earlier this week, Sam Smith.

We can’t wait to see who fills his shoes…