BALENCIAGA, ALEXANDER WANG TO PART

Alexander Wang's departure fromBalenciaga is imminent according to WWD. In a story citing market sources, the paper reports how Balenciaga and parent Kering have decided not to renew the contract of the American designer, whose spring 2016 collection will be his last for the venerable brand.
While the search for Wang’s successor is underway, according to the article, Kering could consider an off-the-radar talent, fueled by the positive feedback of its decision to promote insider Alessandro Michele to Gucci’s Creative Director.
Balenciaga’s revenues exceed 350 million euros, says WWD.