Alexander Wang will not be renewing his contract with French fashion house Balenciaga. The brand confirmed that the former creative director and fashion designer will be leaving following weeks of speculation that he would be leaving as the result of “a mutual decision.”

“Since 2012, Alexander Wang has stood at the creative helm of the maison and has been instrumental in the pursuit of its development. With his proven talent and his irreverent, modern vision of design, Alexander Wang has brought a new impetus to the brand,” a statement issued Friday said. Balenciaga and its parent brand, Kering wished the young designer the very best for his label and future endeavours, besides thanking him for his stint with them, WWD reported.

Kering, in its release, said “a new creative director ... will be announced in due course.” The designer’s Spring/Summer 2016 collection to be presented Oct. 2 during Paris Fashion Week will be his last for Balenciaga.

Wang is leaving to devote himself full-time to his own brand, reportedly on the brink of acquiring its first outside investor. He talked about his imminent departure, revealing working for Balenciaga had been “an incredible experience” since he took over in 2012. The 31-year-old thanked his teammates for their collaboration and accomplishments. Wang joined as the successor to Nicolas Ghesquière, who exited after 15 years and joined Louis Vuitton.

A designer with an edgy fashion sense with a streetwise twist, Wang is one of the darlings of the American fashion scene. He is known for his T-shirts, studded handbags and high-impact fashion shows, and has clients like Kanye West and Kim Kardashian. He brought his flair for showmanship to Balenciaga, staging one show on a glass platform under which roiled dark smoke. He also imbued the brand with a darker, Goth-tinged mood, mostly designing clothes in black and white.