petersom_billblassresign.jpgUPDATE: The latest news in the Peter Som/Bill Blass saga is that the designer is still working with NexCen Brands Inc. to determine the best way to present the label's spring/summer '09 collection. A source has revealed that Som can exit his contract at any time, and his rumoured resignation last week was not the result of a decision to cancel the New York Fashion Week show. Read on for more details...

The web is buzzing with reports that Peter Som has resigned from his creative director role at Bill Blass. However, learned yesterday that the designer isn't going anywhere... for now.

In fact, he is said to be in the process of renegotiating a new contract with the troubled label, which is said to have cancelled its September show at New York Fashion Week, due to financial constraints.

According to WWD, Bill Blass has been 'on the block' for months partially prompted by upset shareholders at NexCen Brands Inc., the label's cash-strapped parent company.

Som had been brought on board to help revive the brand, but his first collection in February 2008 received mixed reviews. At the same time he has continued to work on his eponymous line.

Brand execs are believed to be stalling his departure to avoid creating negative publicity. They are yet to officially comment on the situation.

[Source / Source; Source; Photo: Sipa Press/Rex Features]