As fashion rumors reported earlier this week, Alexander Wang and Balenciaga are officially parting ways.

“Balenciaga and Alexander Wang today announce their joint decision not to renew their contract beyond its initial term,” the French fashion house said in a statement. Wang's last show as Balenciaga's Creative Director will take place on October 2nd during Paris Fashion Week. The statement did not detail the precise reasons for the separation, but Wang suggested he wanted to focus on his eponymous brand, based in New York. “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,” he said.

Alexander Wang took the helm of the French House in late 2012, and has fallen short of the critical acclaim heaped on his predecessor, Nicolas Ghesquiere, although sales growth has been positive. With his proven talent and his irreverent, modern vision of design, Wang has been able to bring a new impetus to the brand by focusing on updating its traditional codes. Kering says that the search for Wang's new successor is underway.

Picture courtesy of Alexander Wang