UPDATE: Balenciaga and parent company Kering have now confirmed that Alexander Wang will be leaving the label. His final collection will be Spring/Summer '16, with a new creative director to be announced "in due course."

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

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Balenciaga president and chief executive officer Isabelle Guichot echoed the praise for the young designer, "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."

The statement did not specify exactly the reason behind the departure, but it is understood that the split was amicable and that the American designer wishes to turn his focus to his namesake label. "It's been an incredible experience to work with a couture house in Paris," he said 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." 

Earlier this month, we reported on the swirling rumours about Alexander Wang's impeding departure from Balenciaga, mostly surrounding the renewal of his contract. Now, it seems those rumours have some weight, with WWD dropping the bomb this morning that, according to reliable market sources, parent company Kering has decided not to re-sign the American designer.

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The fashion news publication have reported that while it isn't precisely understood why Wang, appointed Balenciaga creative director in 2012, will not continue on, sources have led them to believe that Kering is considering a lesser-known talent - in the same way they unearthed Alessandro Michele to head up Gucci earlier this year.

A comment is yet to come from the fashion conglomerate, but should these new revelations be true, Wang's final collection for Balenciaga would be Spring/Summer '16, which walks in late September-early October.

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