Alexander Wang may not renew his contract with the brand Balenciaga. Back in 2012 he was named the the creative director.
Last March he seemed to be all about the brand stating “I feel we’re already a globally recognized house, and a top luxury leader. We’re well on our way.” But now the designer might leave the brand after 3 years because he wants to focus on his own label. WWD reported that Wang was seeking investors for his private label.
According to Business Of Fashion Kering (the firm that owns Balenciaga) admits that the contract with Wang is “in talks.” But nothing has been confirmed.
Wang was hired to raise the appeal of the brand. Although the sales have increased, Balenciaga has only brought in 3% of Kering’s revenue. Would loosing Wang be much of a loss for brand?
Only time will tell.
