Shares in British luxury brand Burberry jumped 2.8% today (1 March) as the company named Riccardo Tisci as its new chief creative officer, taking up the position in less than two weeks’ time.
Tisci was formerly creative director at Givenchy for over ten years, where he also worked with Burberry CEO Marco Gobbetti.
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He succeeds Christopher Bailey, who announced his departure last year and whose farewell show took place during London Fashion Week last month.
Riccardo, who is a graduate of Central Saint Martins in London, with expertise across womenswear, menswear, leather goods and accessories, will direct all Burberry collections and present his first for the brand in September. He will be based at Burberry’s headquarters in London.
“Riccardo is one of the most talented designers of our time…his designs have an elegance that is contemporary and his skill in blending streetwear with high fashion is highly relevant to today’s luxury consumer,” says Gobbetti.
“[His] creative vision will reinforce the ambitions we have for Burberry and position the brand firmly in luxury.”
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By GlobalDataAnalysts have welcomed the appointment.
“The market has reacted positively to Burberry’s latest announcement as Riccardo Tisci will be able to breathe new life into the company and bring a fresh perspective to the luxury British brand,” say the team at Global Data.
“With six months to go before Tisci presents his first show for Burberry in September, he will have time to firmly establish himself in the business and lay out his creative vision for the renowned brand.”
Following a successive stellar performance over the past year, Burberry’s latest Q3 results showed sales had slowed up against tough comparatives. “It is imperative that Tisci and Gobbetti work closely together over the coming months, as they would have at Givenchy, to reinvigorate the Burberry brand, with product being top of the agenda.”
Burberry operates 205 retail stores globally, along with 199 concessions, 57 outlets and 47 franchise stores.
Bernstein analyst Mario Ortelli agrees the new appointment could produce good results. “We believe that the contemporary, street style orientation of Riccardo Tisci is a great match to relaunch the image of Burberry,” he wrote in a note.
