Confirmed: Alexander Wang Is Leaving Balenciaga

Alexander Wang might be working his last season at Balenciaga, WWD reports.

According to market sources, the Paris-based fashion house Balenciaga and its parent company Kering have decided not to renew Wang's contract.

Spring 2016 will be the designer's last show for the brand at Paris Fashion Week, which is slated to begin on September 29.

Wang was hired in December 2012 to replace the house's star designer, Nicolas Ghesquiere (now at Louis Vuitton), who had revived a decrepit label and turned it into one of the hippest brands in the fashion sphere.

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Wang's minimalist ethos contrasted with his predecessor's architectural designs, but Balenciaga still grew in the past year, reporting a 350 million euros revenue (approximately $387 million) and 10 new store openings.

Parent company Kering might be looking for a lesser known talent, in light of Gucci's surprise appointment of Alessandro Michele -- a bit coup for the Italian brand, which reported an unexpected boost in sales following the announcement.

Who do you think should succeed to Wang at Balenciaga?

UPDATE Balenciaga issued at statement on July 31:

"Balenciaga and Alexander Wang today announce their joint decision not to renew their contract beyond its initial term."

The fashion house added that the spring 2016 Balenciaga show on October 2, during Paris Fashion Week, will be Wang's last. A new creative director is yet to be announced.