Balenciaga confirms departure of designer Alexander Wang

French couture house Balenciaga on Friday confirmed it was parting ways with its American creative director Alexander Wang after nearly three years.

"Balenciaga and Alexander Wang today announce their joint decision not to renew their contract beyond its initial term," Balenciaga and its holding company Kering said in a statement, confirming a report in the Women's Wear Daily fashion publication.

"Alexander Wang will show his final collection for Spring/Summer 2016 womenswear on 2 October 2015 in Paris," Balenciaga said, adding a new creative director would be named "in due course".

Wang, 31, is considered one of the most successful American designers of his generation.

Born in California to Taiwanese parents he launched his own label -- a mix of relaxed chic and streetwise edge -- in 2007 when he was just 23.

His arrival at Balenciaga in late 2012 followed the departure of Nicolas Ghesquiere, who was considered to have made the label very much his own during his 15-year tenure.

Balenciaga chief executive Isabelle Guichot praised Wang's "important contribution" to the brand's style, history and growth.

"It's been an incredible experience to work with a couture house in Paris," Wang said, adding he was now "looking forward to taking my own brand to its next level of growth."