Kering confirms Alexander Wang to leave Balenciaga

PARIS, July 31 (Reuters) - French luxury group Kering confirmed on Friday that American fashion designer Alexander Wang will quit his post as creative director of its Balenciaga fashion brand.

A source close to the matter said this week that Wang was expected to leave to focus on developing his New-York based Alexander Wang brand, estimated to have sales of about $100 million, as investors ask him for increased commitment.

“I am looking forward to taking my own brand to its next level of growth,” Wang said in a statement published by Kering.

Wang will show his final collection for Spring/Summer 2016 womenswear on Oct. 2 in Paris, Kering said, adding that “a new creative director for the brand will be announced in due course”. Wang has been in the role since December 2012.

Balenciaga is Kering’s fourth-biggest fashion brand after Gucci, Bottega Veneta and Saint Laurent. (Reporting by James Regan; editing by Jason Neely)