Balenciaga confirms Alexander Wang's departure

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Balenciaga have confirmed that creative director Alexander Wang will be leaving the French fashion house. The news comes after weeks of speculation that he would not be renewing his contract, "a mutual decision" between the brand and designer.

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Alexander Wang is leaving Balenciaga

"Balenciaga and Alexander Wang today announce their joint decision not to renew their contract beyond its initial term," read a statement from the label. "Since 2012, Alexander Wang has stood at the creative helm of the maison and 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. Balenciaga and Kering would like to thank Alexander Wang for his accomplishments and wish him the very best with his eponymous brand as well as all his future endeavours."

Alexander also opened up about his imminent departure, revealing that it had been "an incredible experience" since he took over from the brand's former creative director Nicolas Ghesquière in 2012.

Kim Kardashian, Kanye West and their daughter North at the Balenciaga show

"It's been an incredible experience to work with a couture house in Paris," said Alexander in a statement. "I am honoured 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."

The designer's Spring/Summer 2016 collection will be his last for Balenciaga, but he isn't leaving the designing world altogether.

Alexander is expected to focus on taking his already successful eponymous label, which counts stars such as Kim Kardashian and Kanye West as huge fans, to the next level. He has also been working on expanding his fashion empire, with his first London flagship store opening this year.