Alexander Wang is the New Creative Director at Balenciaga

Alexander Wang will replace Nicolas Ghesquiere at Balenciaga.

It's official! After weeks of unfounded rumors surrounding Nicolas Ghesquiere's replacement at Balenciaga, Alexander Wang was finally confirmed as the Parisian label's new creative director this morning.

Wang's new role comes on the heels of Ghesquiere's sudden departure from Balenciaga last month after a 15-year stint at the helm of the fashion house. According to a press release from Balenciaga's parent company PPR, "Alexander Wang has responsibility for designing the brand's women's and men's ready-to-wear and accessories collections, as well as for Balenciaga's image." But have no fear, Wang fans: The designer will continue to have a heavy hand in his New York-based eponymous label.

In less than a decade, Wang has built a multi-million dollar business in downtown New York — as well as an impressive international following. His collections of ready-to-wear and accessories are some of the most coveted pieces to come out of Fashion Week each season (complete with the most buzzed-about after parties) and he's had incredible success with his diffusion line, T by Alexander Wang. Wang is known for his cool, commercial streetwear — as opposed to Ghesquiere's artful, couture-inspired designs — so we're very curious to see what he brings for his first collection at Balenciaga for Fall/Winter 2013.

Are you excited to see what the American designer will bring to Paris?