Luxury goods giant LVMH has today confirmed former Balenciaga designer Nicolas Ghesqiuere as creative director at Louis Vuitton. He will take up the position immediately, showing his first collection next March. The announcement comes a month after Marc Jacobs's final show in Paris for the label after 16 years at its head.

The rumour has persisted in industry circles and on blogs for several months, building to a head last month when a Singaporean luxury site 'broke' the story without the go ahead from LVMH. 

It's easy to see why there has been such speculation and eager anticipation of the announcement: along with Jacobs, Ghesquiere is one of the industry's darlings. His work at Balenciaga was some of the most ground-breakingly innovative of the past century. Design-wise, he favours the new, the interesting, and the often outre, blended with softly romantic shapes and historical references. He also foregrounds technical wizardly, using fabrics and new materials to startlingly beautiful effect.

Ghesquiere took the helm at Balenciaga in 1997, after the dismissal of Josephus Thimister. The label had lacked direction after the death in 1972 of its illustrious founder, and was treading water working on franchises and licensing that famous name; Ghesquiere made his start designing suits and funeral garb for a niche Japanese market under one of the label's licensing arms. By the time he left last November, the label stood as one of the most exclusive, most abstruse and most aspirational around.

In those terms the move to Vuitton is no different: when it comes to prestige, the labels are neck and neck; in terms of price also. But Jacobs is a very different designer to Ghesquiere, preferring wit and showmanship to technical flair and beautiful austerity. Vuitton works according to a different sense of heritage to Balenciaga's, more pomp and less circumstance.

So the first collection under Ghesquiere's careful hand will no doubt be a revelation. Not for it the crash-bang-wallop we have come to expect at the end of the Paris schedule, but this designer's distinct brand of subtle magic.

'Louis Vuitton has always incarnated for me the symbol of ultimate luxury, innovation and exploration,' Ghesquière told Women's Wear Daily today. 'I am very honored of the mission that I am entrusted with, and proud to join the history of this great maison. We share common values and a vision.'