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Alexander Wang Bids Adieu to Balenciaga

Designer Alexander Wang and brand Balenciaga will break up — and they will be seeing other people.

According to Women’s Wear Daily (WWD), the designer and the brand decided not to renew their contracts, after hinting at the end since early July. Neither side has given an official statement on the separation and the reasons for it, but it is being reported that Balenciaga has already started its search for a new head designer, possibly a fresh face. Wang will most likely focus on his namesake brand, and sources say he is seeking investors.

Balenciaga is a European fashion brand founded in 1914, owned by French multinational brand Kering and is known for being a leader in cutting-edge fashion. Balenciaga’s best products are women’s footwear and leather goods, including their h2012istoric and well-known motorcycle bag.

Wang joined Balenciaga in 2012, succeeding Nicolas Ghesquière, who was at Balenciaga for 15 years. The American designer is known his edgy, Goth hits the street style and a fondness for black and white for his designs. He brought a more contemporary style to Balenciaga, to mixed reviews, but also increased publicity for the brand, as he is a fashion darling. His namesake brand has 16 stores worldwide; a smaller number compared to the 500 Balenciaga has.

Wang will have his fashion swan song for Balenciaga for the brand’s 2016 fashion show during Paris Fashion Week, happening in late September to early October. An official announcement of his departure from Balenciaga is expected in early fall.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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