Nicolas Ghesquiere leaving celeb-favorite Balenciaga

Designer Nicolas Ghesquiere, who dusted off the venerable Balenciaga brand, revamping it into a label coveted by cool kids and celebrities, is leaving the fashion house at the end of the month after 15 years as its creative director, reports the Associated Press.

Ghesquiere turned the relatively unadorned City bag into a four-figure cult accessory toted by the likes of Mary-Kate Olsen and Nicole Richie. His influence was apparent as recently as Saturday night, when Kristen Stewart wore a minimalist, midriff-revealing, black-and-white look from his spring 2013 collection to the On the Road premiere in Hollywood.

A company announcement called the move a "joint decision." Balenciaga is owned by PPR, whose CEO is Francois-Henri Pinault, aka Mr. Salma Hayek. In the release, Pinault called Ghesquiere "an incomparable creative talent."