Slipped into almost every rumor and report about Alexander Wang's departure from Balenciaga was a bit about the designer's search for private investors for his namesake label. Now, it seems as if Wang has found the right backer, according to WWD.
Wang is nearing a deal with General Atlantic, a growth equity firm that also works with Tory Burch, Gilt Groupe, BuzzFeed, Airbnb, Alibaba, and Vox Media. Although both Wang and General Atlantic did not give a comment to WWD about the deal, the designer's desire to focus on his own label was one of the rumored reasons for his split with Balenciaga. The designer touched slightly on this in his statement. "I am looking forward to taking my own brand to its next level of growth," he said.
It is currently unknown how much General Atlantic is looking to invest or how much of his company Wang is willing to sell off.
Coincidentally (or not?), Wang also opened his largest flagship store in the world to date over the weekend.
