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Designer Nicolas Ghesquiere leaving Balenciaga

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November 5, 2012 11:04 AM EST | AP

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PARIS — French fashion designer Nicolas Ghesquiere is leaving the Balenciaga fashion house that he helped turn into one of fashion's hottest properties.

Ghesquiere and Balenciaga say in a joint statement Monday that they have come to a "joint decision" to end their partnership at the end of November. No details on a replacement or Ghesquiere's next move were provided.

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