Storied fashion house Balenciaga has named fashion wonder boy Alexander Wang as its new creative director.

Announced by PPR, the luxury goods company owned by Salma Hayek’s husband François-Henri Pinault, Alexander Wang will take over designing the Spanish brand's ready-to-wear and accessories collections.

"I am deeply honored to embark on this new role for a brand and house that I have such great admiration and respect for," Wang said in a press release from PPR.

Founded in 1914 by Spaniard Cristóbal Balenciaga, the fashion house has a tradition of innovation that Wang, an American, hopes to continue during his tenure.

“Balenciaga is an extraordinary fashion house with inexhaustible potential and it is endowed with a priceless heritage,” billionaire Pinault said.

“Alexander Wang will use his creativity and his own research to reinterpret and immortalize the distinctive, modern and extremely innovative style imposed by Cristóbal Balenciaga."

Speculation surrounding Wang’s involvement with the brand began not too long after Nicolas Ghesquière announced his resignation after 15 years as the label’s creative director on Nov. 5.

Along with his duties at Balenciaga, Wang will continue to designer his eponymous, independently-owned fashion house.

President & CEO of Balenciaga, Isabelle Guichot, feels Wang is the perfect fit, “His proven talent, modernity and individual and cosmopolitan vision of design will naturally embrace and enrich the unique heritage of this fashion house, which will soon be one hundred years old.”

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