Alexander Wang 'seeking investor'
Alexander Wang is reportedly negotiating with an investor for his namesake brand.
The designer is shaking things up, with news on Friday confirming he will leave his post as creative director at Balenciaga.
That means he can now dedicate more time to his other label, and WWD claims he is thinking about selling part of the company. The outlet writes "market sources" say Alexander is in talks with equity firm General Atlantic, but details of the level of investment are not yet known.
General Atlantic is headed by William Ford, who already sits on the boards of companies including Tory Burch.
Neither Wang nor a spokesperson for the company would comment on the speculation.
Rumours are something the designer must be getting used to, as rumours about his departure from Balenciaga were circulating long before it was confirmed at the end of last week.
The news was announced via a statement from the company.
"Balenciaga and Alexander Wang today announce their joint decision not to renew their contract beyond its initial term,” it read.
It seemed amicable, with the fashion star commenting: “It’s been an incredible experience to work with a couture house in Paris. I am honoured to have had the opportunity to work for this historical maison. I would like to thank the brilliant team at Balenciaga for their collaboration and for what we have accomplished together, and I am looking forward to taking my own brand to its next level of growth."
Wang had been with the label since 2012, taking over from Nicolas Ghesquière. His last show will take place during Paris Fashion Week in October.
A successor will be announced soon, according to the label.