Alexander Wang will take up the position of creative director at Balenciaga.
PPR, who own Balenciaga have made an official statement today, following a confirmation from market insiders was reported last week.
Wang will, from today, be taking over from the former creative director Nicholas Ghesquière, after he announced his exit two weeks ago, sending shockwaves through the fashion industry.
He left after 15 successful years at the French fashion house, originally set up by Cristobal Balenciaga in 1937, in which he steered the brand to be the influential and commercially successful brand it is today.
Parsons graduate Wang fills this coveted position whilst still running his own globally flourishing ready-to-wear label, which showed its first full womenswear show in 2008 and now boasts menswear, accessories and a diffusion line T by Alexander Wang.
"I am deeply honoured to embark on this new role for a brand and house that I have such great admiration and respect for", said the 28-year-old designer .
François-Henri Pinault, Chairman and CEO of PPR, added: 'Balenciaga is an extraordinary fashion house with inexhaustible potential and it is endowed with a priceless heritage. Alexander Wang will use his creativity and his own research to reinterpret and immortalize the distinctive, modern and extremely innovative style imposed by Cristóbal Balenciaga.'
He will be taking over the women's, men's and accessories collections of a label with 62 stores worldwide and a loyal global following, in what is one of the most exciting developments the fashion world has seen in a long time. His appointment points towards a desire to inject a youthful and accessible feel to what has become a hugely respected but exclusive, almost couture-style brand. We await with baited breath to see what he delivers...