Balenciaga's parent company Kering has made it official that Alexander Wang's time at the helm of the Parisian house is over, Business of Fashion reports. Kering also confirmed that Wang's last presentation for Balenciaga will be the upcoming Spring/Summer 2016 collection, set to show in Paris on Oct. 2. 

There was no specific reason given for Wang's departure, but it's thought that he wants to devote more attention to his own eponymous label, according to BoF​'s sources. Wang touches on this in his statement about the split. "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," he said. "I am looking forward to taking my own brand to its next level of growth."

Executives from Balenciaga and Kering both chimed in with praise for Wang. "We are all at Balenciaga extremely grateful to Alexander for his important contribution to the style and history of this iconic house," Balenciaga's president and chief executive Isabelle Guichot said. "The dynamic growth of the brand over the last years bears testimony to his successful creative work." 

Kering's CEO François-Henri Pinault also recognized Wang for taking the house to new heights. "I join Isabelle Guichot and the Balenciaga house in heartfully thanking Alexander for his dedication and unique artistic contribution to the building of Balenciaga in a more globally recognised house," he said. 

Wang took over for current Louis Vuitton creative director Nicolas Ghesquière, who had a massively successful 12-year run as creative director for Balenciaga, in 2012. Balenciaga is in the early stages of finding a successor to Wang and is open to hiring someone with less of a pedigree after seeing the success of Alessandro Michele at Gucci, according to BoF