Balenciaga may soon lose famed designer Alexander Wang as their creative director.
Word is running rampant in Paris that the massively popular fashion brand, currently operated by luxury brand owner Kering, might just part ways with Wang. Alexander Wang, hired in 2012 as the successor to current Louis Vuitton director Nicolas Ghesquière, has continued to innovate and garner success for the Balenciaga brand. Talks have commenced for a renewal of contract but the discussions were not business as usual. Separately, sources at WWD said Wang has been faintly looking for an investor to bolster his privately held style brand. With the gigantic success of his own Alexander Wang label and its upcoming tenth anniversary, Wang may feel highly divided in his responsibilities.
Currently toiling away at the Balenciaga Spring/Summer 2016 collection, Wang will fulfill his duties and come up with a full range of Balenciaga fashion pieces for the new year. Paris Fashion Week, scheduled for Sept. 29 to Oct. 7, may just see the final Alexander Wang concocted Balenciaga line. His reign at Balenciaga has proved extremely fruitful with market sources estimating Balenciaga generating revenues north of 350 million euros, or $391.5 million at current exchange rates. With half of the large scale business coming in from approximately 500 wholesale houses and the other section of funds generated from around 90 retail spots, the brand is profitable. Since his time at Balenciaga, Wang is quick to point out its “double digit” growth and it can be completely attributed to his street savvy style aesthetic. In 2017, Balenciaga is set to celebrate its centenary but will Wang be apart of the festivities? Keep it locked and let us know what you think in the comments below.
