Nicolas Ghesquière is leaving Balenciaga, the French brand he's helmed for the past 15 years, Women's Wear Daily reports.
The fashion label and its creative director reached a “joint decision to end their working relationship," effective Nov. 30.
Ghesquière, who joined the label in 1997, is widely credited with reinvigorating Balenciaga, once a struggling Spanish design house founded by Cristóbal Balenciaga that employed Hubert de Givenchy, Oscar de la Renta and Emanuel Ungaro. It's now one of the most widely sought after French labels under the Gucci group, famous for its handbags and avant-garde designs, and recently showed an acclaimed spring 2013 show in Paris.
Check out Balenciaga's acclaimed spring 2013 from Paris Fashion Week: