Courtesy of gettyimages

Despite double digit growth for the label, Alexander Wang is departing Balenciaga.

Rumours have been rife that the American designer is set to leave the French fashion house, and now a statement has been released confirming the exit.

"Balenciaga and Alexander Wang today announce their joint decision not to renew their contract beyond its initial term," it read.

The notice also outlined that the Spring 16 Balenciaga will be Alexander's last, which will take place on October 2 during Paris Fashion Week.

Courtesy of gettyimages

His successor will be announced “in due course".

Alexander has held the post of creative director since late 2012 following Nicolas Ghesquière's exit to Louis Vuitton.

No reason was given for Alexander's departure, but the designer hinted that he wanted to concentrate on his namesake label.

“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," he said.

Courtesy of Balenciaga

Balenciaga returned the praise, and was quick to thank Alexander for the work he has produced over the last three years.

"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.

“Balenciaga and Kering [parent company] would like to thank Alexander Wang for his accomplishments and wish him the very best with his eponymous brand as well as all his future endeavours," the statement said.

Balenciaga president and CEO Isabelle Guichot added how grateful the company is for Alexander's work, praising him for helping the brand to grow.