WWD reports that 28 year-old designer Alexander Wang is the new creative director of Balenciaga. Wang will take over for Nicolas Ghesquière, who is set to resign today after fifteen years at Balenciaga. Wang has beat out Christopher Kane, Joseph Altuzarra, Kostas Murkudis, Bouchra Jarrar, Serkan Sarier, Mary Katrantzou, J.W. Anderson, Thomas Tait, Pedro Lourenco, Giles Deacon, Natacha Ramsay–Kane and Jonathan Saunders, for the creative director position, and will likely take the reins at the Paris-based house ASAP.

This announcement follows quite a bit of speculation that Christopher Kane was PPR’s choice. Wang will continue working for his namesake label, and his first collection for Balenciaga will debut at the fall/winter 2013 shows in Paris.

UPDATE: As of an hour age Balenciaga official Twitter account reads: “Official: Balenciaga appoints Alexander Wang Creative Director of the Balenciaga fashion house.” In a statement, Balenciaga’s CEO Isabelle Guichot said Wang’s “proven talent, modernity and individual and cosmopolitan vision of design lead to his appointment.” François Henri Pinault, the head of PPR, said: Wang “will use his creativity and his own research to reinterpret and immortalize the distinctive, modern and extremely innovative style imposed by Cristóbal Balenciaga.” As for Alex himself: he is “deeply honored.”