Alexander Wang's tenure as creative director at Balenciaga is over, WWD reports

Rumors that contract discussions between the designer and French fashion house were not going well began earlier this month. Now, Balenciaga, and its parent company Kering, have decided not to renew Wang's contract, according to WWD's sources. The Balenciaga Spring/Summer 2016 show, scheduled to take place sometime between Sept. 29 and Oct. 7, will be Wang's last for the brand. 

Kering and Balenciaga have already begun looking for its next creative director. Riding high off the success of Alessandro Michele, who was a relatively smaller name when he was promoted to creative director of Gucci, Balenciaga might look to take a similar route and hire someone not as well known, according to WWD.

It seems like Wang only just took over for Nicolas Ghesquière in 2012. The designer has had incredible success since then, both with Balenciaga and his namesake label, which he is reportedly seeking a private investor for, according to WWD sources. Balenciaga has enjoyed huge sales numbers; WWD sources estimate it earns $387.2 million in revenue, and has experienced double-digit growth. The business' spurt was sparked by "almost all categories, from retail and a very healthy wholesale business," Balenciaga's CEO Isabelle Guichot said last March. 

Stay tuned to find out what's next for both Wang and Balenciaga.