Wang Departing Balenciaga

Alexander Wang is leaving Balenciaga as creative director, WWD reports this morning, meaning a hunt for his successor is on. Rumours about his departure surfaced earlier this month when the French fashion house's owner, Kering, released a statement saying, "There are discussions between the designer and Balenciaga regarding the renewal of the contract."

Wang's tenure at the helm has been relatively short-lived compared to the career of his predecessor, Nicholas Ghesquiere, who enjoyed 15 years in the creative director chair. Ghesquiere left to take up the top job at Louis Vuitton in 2012, when Wang was brought on board. His spring/summer 2016 collection, set to be shown in Paris this September, is said to be his last for the house.

While exact reasons for the decision not to renew Wang's contract could not be learned, it is feasible that busy schedules have played a part. Wang is not only enjoying huge success with his eponymous label, but is set to open his first flagship store in London imminently, as well as working on projects for his own label around the globe.

Kering is said to be in the early stages of recruitment for the role, and is "open to considering a lesser-known, hidden talent for the plum post, emboldened by the positive feedback and outpouring of goodwill it had in promoting Gucci insider Alessandro Michele to succeed Frida Giannini at the helm of the Italian brand earlier this year," according to WWD.

It has been a busy week of announcements for the fashion conglomerate, who earlier this week posted positive results for the first half of 2015 for Gucci, which it owns, as well as revealing that it had appointed Grita Loebsack as chief executive officer of its luxury couture and leather goods' emerging brands division. The appointment puts her directly in charge of Balenciaga, as well as Stella McCartney, Tomas Maier, Christopher Kane, Brioni and Alexander McQueen.