Designer Nicolas Ghesquiere leaving Balenciaga

Actress Jennifer Connelly and designer Nicolas Ghesquiere attend the 27th Annual Night of Stars on Oct. 28, 2010, in New York.

French fashion designer Nicolas Ghesquiere, who breathed new life into Balenciaga in the late 1990s, is parting ways with the Paris fashion house.

Ghesquiere and Balenciaga said 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.

The one-time assistant to designer Jean-Paul Gaultier was just 25 when he took over as creative director of the storied Balenciaga fashion house in 1997. He is credited with raising the profile of the Paris label, which was bought by the Gucci Group in 2001.

Ghesquiere just earned acclaim this fall with his highly regarded collection for spring/summer 2013.