Alexander Wang Leaves Balenciaga

Its Official. Following weeks of speculation Alexander Wang and Balenciaga have parted ways.

The young designer will not be renewing his contract with the Paris-based luxury house which was confirmed in a statement by the brand.

Isabelle Guichot, chief executive of Balenciaga, said: 'We are all at Balenciaga extremely grateful to Alexander for his important contribution to the style and history of this iconic house. The dynamic growth of the brand over the last years bears testimony to his successful creative work,' while Kering chairman and CEO Francois-Henri Pinault said in a statement, 'I personally wish him all the best.'

Wang who took over in December 2012 following Nicolas Ghesquire's departure triumphed as creative director at Balenciaga. His appointment surprised the fashion world in part due to maintaining his own brand. However his 10 collections for the brand was met with a generally positive reaction. Wang's last show from his forthcoming spring/summer 2016 collection for Balenciaga will be on October 2 in Paris.

'It's been an incredible experience to work with a couture house in Paris,' Wang said in a statement.'I am honored to have had the opportunity to work for this historical maison. I would like to thank the brilliant team at Balenciaga for their collaboration and for what we have accomplished together, and I am looking forward to taking my own brand to its next level of growth.'

WWD reported this week that Wang will be devoting himself full-time to his own brand in which he has a minority investment and is close to signing a deal with General Atlantic, the growth equity firm headed by William Ford. Kering didn't announce who would be replacing Wang but mentioned that "a new Creative Director for the brand will be announced in due course."