After weeks of speculation, Alexander Wang has been announced as the new creative director of Balenciaga.

The coveted role has been up for grabs since former creative director Nicolas Ghesquiere stepped down in November after 15 years with the brand.

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"The Balenciaga fashion house and Nicolas Ghesquiere have announced their joint decision to end their working relationship as of 30 November 2012," said a statement from PPR, Balenciaga's parent company.

Although the brand gave no reason for the designer's departure, it was reportedly "the fruit of a long reflection between the head of the brand and Nicolas Ghesquiere."

Wang, who pipped fellow designer Christopher Kane at the post for Ghesquiere’s role, is yet to comment on the appointment, but the fashion industry certainly hasn't held back.

"All hail Alexander Wang!" tweeted Harry Brant from Interview Magazine. "New creative director of Balenciaga! ! #I can finally sleep again knowing the brand is in good hands."

Meanwhile,, who was among the first press outlets to break the news, said the move suggests Balenciaga "might wish to dial down the elitist, couture-like approach of Ghesquière, and open up to a broader audience with a designer prized for his sportswear approach and youthful energy."

An official announcement regarding Wang’s new role is meant to be released this week.