French retail group PPR has announced that Nicolas Ghesquière is to step down as creative director of its Balenciaga fashion house.

Ghesquière has been with the luxury label since 1997. PPR said putting an end to the relationship between Ghesquière and Balenciaga on 30 November was a joint decision. 

Chairman and chief executive François-Henri Pinault said: "Cristóbal Balenciaga was a master, a genius whose avant-garde vision dictated fashion's greatest trends and inspired generations of designers.

"With an incomparable creative talent, Nicolas has brought to Balenciaga an artistic contribution essential to the unique influence of the house."