11/05/2012 10:36 EST | Updated 01/05/2013 05:12 EST

Balenciaga designer Nicolas Ghesquiere to leave fashion house he brought to industry heights

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.