Nicolas Ghesquière, the creative director at Parisian label Balenciaga, will be parting ways with the label at the end of the month announced PPR, the owners of the brand.

Both Ghesquière and the brand have confirmed that they made a “joint decision to end their working relationship” after 15 years, which will culminate on November 30.

Ghesquiere took over as creative director of the storied Balenciaga fashion house in 1997, raising its profile among the Paris labels.

“Cristobal Balenciaga was a master, a genius whose avant-garde vision dictated fashion’s greatest trends and inspired generations of designers,” said PPR Chairman and CEO Francois-Henri Pinault in the statement.

“With an incomparable creative talant, Nicolas has brought to Balenciaga an artistic contribution essential to the unique influence of the house.”

According to Fashionista, a number of individuals – who requested anonymity – confirmed speculation that Ghesquière has been frustrated with Balenciaga and PPR.

His frustrations “go back at least a year and involve matters like financing and a more commercial tone to some of Balenciaga’s lines” and that “his concerns were being insufficiently addressed by the PPR chairman, François-Henri Pinault.”

Designer Natacha Ramsay-Levi, girlfriend of Purple Magazine editor Olivier Zahm, is being touted by sources as a frontrunner to take over the reins at the famous house.

La Maison Balenciaga has been part of the PPR Group since 2001, and is one of the biggest names in fashion.

Founded by Spaniard Cristóbal Balenciaga in 1919, and established in Paris in 1936, it has witnessed a recent creative resurgence under Ghesquière’s direction.