Alexander Wang Out of Kering
It’s official: The Alexander Wang less than three years interregnum at Balenciaga is officially over.
One week of speculation and the speculation is over. After less than three years Alexander Wang in-love-with-Balenciaga is over. Also Kering Group with the Directive Creator is done. In a release, Kering confirmed that Balenciaga and Wang chose not to renew their contract, meaning that his Spring 2016 show on October 2 will be the designer’s final collection for the house.
The creative director and the company have agreed to part ways, Mr. Wang to concentrate on his namesake brand in New York, and Balenciaga to find a new designer, leaving the rest of us to consider how this particular abbreviated period will be viewed through the long lens of fashion.
Having on mind that Alexander Wang own brand sales were around $100 million in 2014, the New Yorker brand needs a total focus formats creator. Last month Wang asked to private investors around $1.000 million in order to relaunch his brand and make it international. Reports said at the moment that investor have asked Mr. Wang a more «intensive» relationship» with its own brand. It seams, Wang is ready to do it.
Maybe he believes that he can become the new Tom Ford, but it seams difficult. In his «Balenciaga Era», he was not capable to convince the Maison´s costumers. To often to Gothic for the branch, to often to similar in his «inspiration» of YSL could be two of the reasons why at Kering wasn’t very happy with him.
Kering Chairman and Chief Executive Officer François-Henri Pinault acknowledged as much in his statement, “heartfully thanking Alexander for his dedication and unique artistic contribution to the building of Balenciaga in a more globally recognized house”.Market sources estimate Balenciaga generates revenues north of 350 million euros, or $387.2 million at current exchange rates, and is profitable.
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