Nearly one month before Christopher Bailey officially steps down from his roles as President and Chief Creative Officer of Burberry, the British luxury retailer has hired his replacement. Riccardo Tisci, formerly Creative Director at Givenchy from 2005 to 2017, will be the company’s new Chief Creative Officer. Tisci will be responsible for the men’s and women’s wear collections and accessories.
During Bailey’s tenure, Burberry moved upmarket, expanded its global presence, emphasized its British heritage, and launched new leather goods such as the Bridle bag. But sales have been stagnant in recent years, which likely prompted the C-level change. Tisciis credited with resurrecting sales at Givenchy, an LVMH-owned couture house, so the Burberry team is hoping that lightning can strike twice.
Investors are happy with the move — Burberry stock has jumped more than 8% since the announcement of Tisci’s hiring.
“Riccardo is one of the most talented designers of our time,” said Marco Gobbetti, CEO of Burberry, in a statement. “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. Riccardo’s creative vision will reinforce the ambitions we have for Burberry and position the brand firmly in luxury.”
In May 2014, Bailey became Burberry’s CEO and Chief Creative Officer. After three years helming both roles, Bailey ceded the CEO role to Gobbetti in July 2017. Burberry poached Gobbetti from French luxury fashion retailer Celine to overhaul the business, leaving Bailey with creative control.
This isn’t the first time Gobbetti and Tisci have worked together. Gobbetti, President and CEO of Givenchi from 2004 to 2008, first hired Tisci as a then-unknown designer in 2005.
Tisci will have five months to lay out his creative vision for Burberry before he presents his first runway show for the company in September 2018.
Bailey will step down from Burberry’s Board of Directors on March 31, 2018, but will assist Tisci and the team with the transition until Dec. 31, 2018.