It’s official, after weeks of specualtion Balenciaga have announced Alexander Wang as new creative director. The New York-based designer will replace Nicolas Ghesquière, who after 15 years at the helm, officially leaves today. The rumour mill has been in overdrive since Ghesquiere announced he was departing, most recently Scottish designer Christopher Kane was rumoured to be taking up the position. Wang is known for his edgy, streetwise flair and it is thought he will bring a younger, hipper audience to Balenciaga, moving away from the couture-like approach of Ghesquière. WWD report that Wang is also admired for his commercial savvy, having rapidly built a sizable business with manufacturing muscle and a global footprint. Wigsandgowns note that there is a thin line between commercial savvy and unethical business practices. Wang recently settled a case with two former employees who alleged that Wang’s factory was akin to a sweatshop, with 16 hour days in poor conditions for little pay. The workers claimed to have worked 80 hour weeks in a windowless, 200-square-foot factory, and were fired after complaining about the conditions.