The long-rumored departure of Alexander Wang as creative director of Balenciaga has now been officially announced. Kering, the French conglomerate that owns Balenciaga, announced in an official statement on July 31st that it would not be renewing Alexander Wang's contract. Wang had held the position since 2012, but will be leaving the brand after the Spring/Summer 2016 collection in October. Alexander Wang commented on his departure, saying, "It has been a wonderful experience for me to work for such a historic Parisian brand. I am honored to have had the opportunity to work with the Balenciaga team. I will strive to further expand my own brand." Balenciaga President and CEO Isabelle Guichot added, "I am extremely grateful to have had the opportunity to work with Alexander Wang, who brought a breath of fresh air to Balenciaga. His contributions have contributed to the brand's significant growth."