Alexander Wang is leaving Balenciaga after only 3 years as creative lead at the French couture house. There is some discrepancy as to why Wang and the Kering-owned label have decided to part but his contract is not being renewed and so the Spring 2016 collection will be his swan song.
Wang's likely exit at Balenciaga comes as Kering focuses on the ongoing turnaround at Gucci under Michele and that company's ceo Marco Bizzarri. On Monday, Kering said Gucci saw organic sales rise 4.6 percent in the three months to June 30, largely exceeding consensus expectations for a 3.2 percent decline. Overall, Kering reported a 13 percent drop in net earnings to 489.2 million euros, or $541.1 million, in the first six months of 2015, while sales jumped 22.8 percent in the second quarter to 2.86 billion euros, or $3.16 billion.
WWD
There is also speculation that Wang, who was seeking investment capital for his own label, felt conflicted having to pour so much effort into building his own brand and Balenciaga. In his short tenure, Wang launched a new line of handbags and brought a refreshed look to the luxury brand's retail stores. Balenciaga also saw a healthy dose of sales but that wasn't enough for the two parties to renew their partnership.