It's done. Alexander Wang has been tapped as the new creative director of Balenciaga, signaling a more accessible and commercial tack for the revered Paris house. Speculation has been fast and furious since the news of Nicolas Ghesquière's seemingly sudden departure three weeks ago, reaching a fever pitch yesterday with a prophetic piece by Cathy Horyn in the New York Times. The decision was confirmed hours ago by WWD, with an official announcement expected next week. So far Balenciaga and Wang have had no comment. More news as it comes in.