As soon as Alexander Wang was appointed Creative Director of Balenciaga in December 2012, replacing Nicholas Ghesquière, his appointment was seen as a move to inject the heritage brand with his signature cool. And all seemed to be going well - or at least we thought. However now two and a half years on, WWD is reporting that the designer is currently in negotiations talks with the fashion label over the renewal of his contract – and rumour has it that his contract may not be renewed at all.
Market sources estimate Balenciaga generates revenues north of 350 million euros, or $391.5 million at current exchange rates, and is profitable. More than half of the companies revenue intake is from directly owned retail, closing the calender last year with an impressive 90 freestanding stores compared with the three stores it had seven years ago.
Regarding Wang's future, FL&B suspect that the designer's next collection for the Parisian fashion house could be his last. Both sides admit that discussions are taking place but that’s all that is being said, and according to word from WWD, there is much speculation that the two might split. Wang remains under contract with Balenciaga through the Spring 2016 collection, which will show in Paris this fall. After which, Wang's time at Balenciaga is still unconfirmed.
Watch this space for more news.