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.
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“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.
