BUSINESS NEWS: ALEXANDER WANG LEAVES BALENCIAGA, AU REVOIR
Young and successful Alexander Wang launched his career in 2005 at the tender age of 19 creating his own eponymous label, Alexander Wang. In December 2012, Wang becomes the creative director of Balenciaga; but as of July 2015 the pair has parted ways. Balenciaga and Kering have officially announced to not renew the American designer’s contract this time around.
Commenting on the announcement, Alexander Wang said: ‘It’s been an incredible experience to work with a couture house in Paris. I am honored 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.’
Balenciaga President and Chief Executive Officer Isabelle Guichot said: ‘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 reason for the split has been unreported. Balenciaga will still show Wang’s Spring 2016 collection (his final Balenciaga show) during Paris Fashion Week, which is scheduled for Sept 29 to Oct 7. Even with Wang’s departure, his resume building title is still intact: he was the first American designer to take part in a cross-promotion with the Sweden-based fast fashion retailer.
Balenciaga still shows great profitability generating more than 350 million euros (an estimated $387 million USD) annually. The house has grown from just three stores to ninety over the past seven years.