Nicolas Ghesquiere leaving Balenciaga: What will Kristen Stewart wear now?
According to the announcement, PPR chairman and chief executive François-Henri Pinault calls the split a "joint decision to end their partnership," while praising Ghesquiere's "incomparable creative talent," which "has brought to Balenciaga an artistic contribution essential to the unique influence of the house."
Balenciaga spokesman Lionel Vermeil tells the Wall Street Journal, "Last week you have Sandy. This week you have Nicolas Ghesquiere leaves Balenciaga."
When asked if he only learned of Ghesquiere's departure on Monday, Vermeil laughs and says, "Read my lips."
Ghesquiere will leave on Nov. 30, and Vermeil says he has "no idea" what PPR plans to do in its search for a new designer.
Ghesquiere has garnered quite the following of hot, young celebs during his tenure, including Kristen Stewart, who most recently rocked one of the designer's looks on the red carpet for her "On the Road" premiere.