Balenciaga

If PPR invests in Christopher Kane's eponymous label, will they ask him to return the favor by taking the reins at Balenciaga?

Sources told WWD that Kane has been in talks with the French luxury goods conglomerate — which also owns Alexander McQueen, Gucci, and Yves Saint Laurent — about financial backing for his line. This news comes hot on the heels of Kane's departure from Versace's Versus line, which he designed for six seasons. It also comes just two days before Nicolas Ghesquière is set to leave Balenciaga.

Speculation that Kane would replace Ghesquière has been floating around since Ghesquière's departure was announced earlier this month — but a Kane spokeswoman called those rumors "unfounded." Ghesquière, who, rumor has it, may start his own label with LVMH, was spotted last week having dinner in Paris with LVMH's Delphine Arnault, Dior CEO Sidney Toledano, and Camille Miceli, Dior's artistic director for costume jewelry.

In any case, it's not unprecedented for a big firm to make an investment in a small brand on the condition that its designer works for one of its larger houses. For example, when LVMH bought a stake in Marc Jacobs's line in 1997, he ended up as the creative director of Louis Vuitton. Whether the same will happen with Kane and Balenciaga remains to be seen.

Miranda Kerr swapped yesterday's polished pairing for an edgier ensemble while toting her son, Flynn, around NYC. The model layered a quilted Balenciaga leather jacket over a black top and Nobody skinny jeans, then slipped on a pair of badass Tabitha Simmons lace-up leather ankle boots for extra sass. The gorgeous mom completed her street style with a pair of Flint shades, a few dainty rings, and a floral Prada tote for a touch of feminine flair. If you love Miranda's latest NYC look as much as we do, shop similar pieces below.

Speculation abounds about what Nicolas Ghesquière's life will look like after he leaves Balenciaga, but there are some in the industry who aren't confident he'll be able to start a signature label.

"I don't see private equity or hedge funds backing (a Ghesquière) brand, because of time horizon and fashion risk," said Pierre Mallevays of the London investment bank Savigny Partners in an interview with WWD. "Only a strong group with a confident vision and the means to boot would seriously contemplate that. The temptation for any such potential backer will be to try to apply Ghesquière's talent to an established brand with operating leverage, not just to a start-up, however prestigious."

Mallevays is one of a number of financiers and other business experts who said starting a brand from scratch — even a brand built on a talent like Ghesquière's — is a risky proposition. Their commentary comes on the heels of Karl Lagerfeld saying it wouldn't be "a bad idea" for Ghesquière to start his own line, as well as rumors that Bernard Arnault and LVMH have already offered him the ability to do so.

Sources claiming to be close to Ghesquière say he'll take a break from designing but has been "seriously considering" starting his own brand and is open to working for another house.

Photo: Nicolas Ghesquière in the March 2010 issue of Numéro.

Kim Kardashian and Kanye West attended the taping of The X Factor in LA, Kanye in all black with white sneakers and Kim in this Balenciaga red leather pencil skirt ($1,399). Up top, she wore a sheer-sleeved black top and, on bottom, a pair of black suede pumps. For accessories, Kim chose a handful of chunky gold bracelets to add a touch of shine and toughness to her ensemble. Score Kim's exact skirt — or this less-expensive Forever 21 red leather skirt ($23) — to add a festive touch to your Fall and Winter wardrobes.

Miranda Kerr strutted through NYC styling her go-to Givenchy tote ($2,405) with a snake-print Balenciaga pencil skirt ($704) and two-tone Lanvin pumps. The model added instant sex appeal to her polished paring with a black sheer-sleeve top and python-rimmed Linda Farrow shades ($594). If you've ever dreamed of dressing like Miranda, and who hasn't, shop her exact skirt, bag, and shades to pair with a sweet-cum-sexy blouse and two-tone pumps for a romantic date night look.

Could Nicolas Ghesquière be thinking about a hiatus from fashion? Grace Coddington has seen more than one brilliant design career put on pause — or worse, come to an end —and hopes the same thing won't happen to her close friend Ghesquière, who's leaving Balenciaga at the end of the month.

"John Galliano, whom I adored — gone; Helmut Lang, major talent — gone," said Coddington in an interview with The New York Times. "Hopefully Nicolas won't just give up and walk away. He's too good, too strong, too brilliant, too passionate."

Coddington said she rode out the aftermath of Hurricane Sandy with Ghesquière at the Carlyle Hotel, where a number of industry names stayed after the storm. Perhaps Ghesquière let something slip while Coddington and her cats "sat with him" in his room there?

Whatever Ghesquière has planned, Coddington has added her name to a star-studded list of people who want Ghesquière to stay in fashion. Earlier this month, Karl Lagerfeld said that it's "not a bad idea" for the designer to start his own line.

Victoria Beckham entered the Neiman Marcus in Dallas looking svelte and so Fall fabulous in this Balenciaga mohair sweater ($747). She finished her daytime shopping look via skinny coated jeans, these Proenza Schouler cap-toe pumps ($595), oversize sunglasses, and a large orange Victoria Beckham tote bag. Follow Victoria's lead by pairing your favorite cozy sweaters with skinny jeans and sky-high pumps. It'll elongate your figure and keep you warm at the same time.

Kristen Stewart has been on an impressive fashion roll lately with a series of enviable looks. First she shocked us in Balenciaga, then she got wildly colorful in Peter Pilotto, and now the actress worked an edgy glam vibe in this A.L.C. wool and leather dress ($1,296) at the On the Road movie screening in NYC. She continued the black theme via a black quilted Balenciaga jacket and Barbara Bui cutout sandals, then accessorized with a couple of gold bangles and this exact Iwona Ludyga tribe beaded flag bracelet ($68). Shop Kristen's exact dress and bracelet now to nail her latest all-black look.

Speculation abounds about what Nicolas Ghesquière will do after he leaves Balenciaga, but Karl Lagerfeld already has an idea for the designer's next move.

"Perhaps Nicolas wants to have his own label, which is not a bad idea," Lagerfeld said at the Paris launch of the Little Black Jacket exhibit. "And it would not be a bad idea if somebody such as Bernard Arnault would invest in a new label because there are so many old labels (within the LVMH group)."

If Arnault backed Ghesquière's line, it would put him and Lagerfeld — who designs LVMH's label Fendi — on the same payroll. Some in the Paris fashion world believe that's exactly what's going to happen. Earlier this week, a source told Suzy Menkes that Arnault has already offered Ghesquière his own house, and another source called the situation "delicate." But while the business team at Balenciaga says it already has a short list of potential replacements, so far there's been no definitive word on what Ghesquière will do next.

Less than a day after PPR announced that Nicolas Ghesquière would leave Balenciaga, there's already talk of where he's headed next.

Suzy Menkes cites "a person in the Paris fashion industry" as saying that LVMH chairman Bernard Arnault has offered Ghesquière his own fashion house. According to Menkes's source, one of Arnault's children (either his daughter, Delphine, or his son Antoine, CEO of the men's brand Berluti) would take over the business side of Ghesquière's brand. Another source called the situation at LVMH "delicate."

In fact, there's some speculation that a delicate situation with PPR management is what caused Ghesquière to leave in the first place. According to WWD, tensions had been rising between the designer and Balenciaga CEO Isabelle Guichot over a "lack of support and funding" and a desire for a more commercial offering. The freedom and resources Hedi Slimane was given when he took over at Balenciaga's sister label Yves Saint Laurent — changing the brand's name and logo, for example — are also said to have contributed to Ghesquière's departure. The Financial Times' Vanessa Friedman points out that after 15 years of service, Ghesquière was only recently allowed to start advertising. Most of his shows have been staged at Balenciaga headquarters "to save money," but Slimane's first show for Saint Laurent was held in Paris's Grand Palais.

Whatever the reason for the split, Guichot says she already has a "short list" of potential candidates to replace Ghesquière — and she wants to hire a new creative director in short order. While she hasn't named names, sources claim Alexander Wang, Joseph Altuzarra, Kostas Murkudis, and Bouchra Jarrar are among the possibilities. PPR is also said to have its eyes on Londoners Mary Katrantzou, Christopher Kane, J.W. Anderson, and Thomas Tait.

"My biggest interest is to focus the organization, accompany the team, and develop the brand potential, so it's in my interest to do it as soon as possible," Guichot said.

If Ghesquière had been unhappy about his departure from the brand, he didn't hint at it in a recent profile featured in Style.com/Print. But in the process of talking about embracing Balenciaga's rich past and trying to move it forward, he does betray a sort of introspection about his work. "Because the house has such a history, I have had to look to the future and respect the past for my own moment," he says. Perhaps his moment is now.

Photo: Ghesquière taking a bow at his Fall 2012 show for Balenciaga.