Nicolas Ghesquière, whose name has become synonymous with luxury big brand Balenciaga, is parting ways with the fashion house after 15 years as its creative director.
The statement says the split goes into effect Nov. 30. Both Ghesquière and PPR, the parent company of the label, call it, a "joint decision to end their working relationship."
There are no details on who will replace the acclaimed designer. Ghesquière, however, should have no problem finding a new role if he hasn't already: He is largely responsible for steering Balenciaga into becoming one of the most-coveted Parisian labels worldwide.
PPR CEO Francois Henri-Panault acknowledges the designer's contributions, stating in the release, "With an incomparable creative talent, Nicolas has brought to Balenciaga an artistic contribution essential to the unique influence of the house."