Despite the lack of an official statement, WWD announces that Alexander Wang will be Balenciaga’s next creative director. [WWD]

Madonna’s iconic Jean Paul Gaultier conical-bra corset sells for £30,000 ($48,144) at auction. [Telegraph]

Japanese retailer Fast Retailing Co. buys 80 percent stake in J Brand. [MarketWatch]

Get ready to party in a fashion-themed nightclub. Couture, a nightspot modeled to look like a luxury boutique, opens in Los Angeles. [L.A. Times]

Jil Sander produced dismal profits while Raf Simons was at the helm. [Wall Street Journal]

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Tags: Alexander Wang, Balenciaga, J. Brand, Jean Paul Gaultier, Jil Sander, Madonna, Raf Simons