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After weeks of rumors and speculation, Balenciaga’s parent company, Kering, as well as Alexander Wang himself have officially confirmed that the 31-year-old and the French fashion house are parting ways following the brand’s spring 2016 show during Paris fashion week this October.
“Balenciaga and Alexander Wang today announce their joint decision not to renew their contract beyond its initial term,” the company said in a statement to WWD. Kering went on to praise Wang’s work for the brand, which has seen double-digit growth since his appointment in 2012. “[Wang] has been instrumental in the pursuit of its development. With his proven talent and his irreverent, modern vision of design, Alexander Wang has brought a new impetus to the brand.”
Wang also confirmed the news via Instagram, posting a photo of handwritten message reading, “With thanks to my teams, to the opportunity, more to come…” that he captioned by tagging “@balenciaga.”
The process of selecting a successor is, according to sources at WWD, still in the early stages, however it is believed that the fashion house, which is approaching its centenary in 2017, may be seeking a new, relatively undiscovered talent to take the reigns.
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