Rumors began to circulate earlier this month that Wang was in discussion with Kering about ending his contract with the fashion house. In addition to Balenciaga, Wang continued to design for his own major label, and it would seem likely that one or other would have suffered as a result. From buzz to sales, it’s not hard to see why Balenciaga was excited by the prospect of Wang at its helm.
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The American designer of street-smart clothing was hired in late 2012 to replace French designer Nicolas Ghesquiere, who left for competitor Louis Vuitton after 15 years.
While the fashion scene will surely miss Mr. Wang as an global influence, they are also having a grand old time speculating who his replacement will be. Balenciaga CEO Isabelle Guichot will report to Loebsack when she assumes her role in September. However, since Wang came aboard, Balenciaga has had double digit growth. 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.
Balenciaga and parent Kering have decided not to renew the contract of creative director Alexander Wang, WWD reported on Wednesday.
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Beyond that, Wang used his celebrity hob-knobbing to help launch campaigns with Kate Moss, Gisele Bündchen and earlier this week, Sam Smith. Some muse that Balenciaga will promote from within, similar to Gucci’s recent (and successful) move with former accessories designer Alessandro Michele. For now, all we can do is sit, gossip, and wait for official word.
