Designer Nicolas Ghesquiere leaving Balenciaga

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.