Burberry appoints Riccardo Tisci as creative chief
Former Givenchy designer replaces Christopher Bailey at UK fashion house
Luxury goods company Burberry has appointed Riccardo Tisci as chief creative officer to succeed Christopher Bailey, who injected new life into the venerable British brand but then stumbled as chief executive.
Shares in Burberry rose 5 per cent on the news. The announcement ends the uncertainty that followed Mr Bailey’s announcement in October that he was quitting the company after 17 years — the last four as both chief executive and creative director.
The appointment of the former Givenchy designer means that the two top jobs at Burberry are now held by Italians — Marco Gobbetti took over from Mr Bailey as chief executive in October.
Mr Gobbetti said Mr Tisci was “one of the most talented designers of our time”, describing his creations as having “an elegance that is contemporary”.
He said his fellow Italian had a “skill in blending streetwear with high fashion” that is “highly relevant to today’s luxury consumer”.
The two worked together at LVMH, the French luxury goods company, where Mr Gobbetti hired the designer when he was a relatively untested talent.
Mr Tisci was Givenchy creative director from 2004 to 2017. Mr Gobbetti was chief executive of Givenchy between 2004 and 2008.
Rogerio Fujimori, analyst at RBC Capital Markets, said Mr Tisci would be “ a good fit for Burberry”, which he said was seeking “to position itself firmly in luxury, with more fashion content and stronger presence is accessories”.
He had worked well with Mr Gobbetti at Givenchy, he added.
“This increases the chances of a successful CEO-creative director partnership at Burberry, which is an essential ingredient of successful turnround stories in the luxury sector.”
The 43-year-old Mr Tisci, who will present his first collection for Burberry in September, is a graduate of Central Saint Martins, the London art and fashion school. He has designed stage outfits for Madonna, worked with performance artist Marina Abramovic and created artwork for the Watch the Throne album by Jay Z and Kanye West.
Mr Tisci said he had “enormous respect for Burberry’s British heritage and global appeal” and said he was excited about the potential for “this exceptional brand”.
The pair will seek to restore the fortunes of the company, which has been hit by a slowdown in demand particularly from China, following a crackdown by Beijing on conspicuous consumption and limits on foreign travel.
Fashion industry analysts had been speculating about Mr Tisci’s next move after he quit LVMH in February last year. There were reports he was heading for a job at Versace, the rival Italian fashion house. But it emerged that contractual negotiations had irrevocably broken down between Mr Tisci and Donatella Versace, the artistic director and vice-president of Versace, which is still 80 per cent family-owned.
Mr Tisci has been enjoying his time off. A keen user of social media, his Instagram feed shows him in Portofino, at a yoga retreat in Tuscany and at Madonna’s birthday party in Puglia.
Burberry, which once made trenchcoats for the British army, is the UK’s biggest luxury company. In his early years at the label, Mr Bailey jettisoned the trademark check, which had long been associated with the sort of fashion seen on UK football terraces.
But the check is now firmly back in favour and even adorns Burberry baseball caps, as seen at Mr Bailey’s farewell collection during London Fashion Week last month.