After nearly a month of extensive speculation, parent company of Balenciaga, Kering, has announced that they will not be renewing Alexander Wang’s contract with the French label. Wang’s last show will be held during the upcoming Paris Fashion Week in September.
Though Wang’s stint as Balenciaga was brief in comparison to his predecessor, Nicolas Ghesquiere, Wang’s update of the label’s aesthetic with minimalist designs saw sales boosting. Market estimates for Balenciaga run around 350 million euros.
The exact reasons for Wang’s departure remain hazy. Reports also implied that the search for his successor have begun, and that Kering might take the same route of appointing a lesser-known player in the fashion industry to take over Wang as they did with Alessandro Michele for Gucci.