By Jeffrey Smith
Investing.com – Participate in barbaric (LON 🙂 It was reported that top-rated Daniel Lee will succeed Riccardo Tisci as chief creative officer, who confirmed his departure from the UK luxury fashion group on Wednesday.
Lee was most recently the Creative Director of Kering’s (EPA:) Bottega Veneta brand, overseeing record sales in a three-year period covering the pandemic. This was largely due to the performance of the leather goods ranges. This is an area that Burberry has been throwing more resources into in recent years as it has expanded beyond its historic collection of coats and accessories.
He also worked for me born in Yorkshire at keyring The Balenciaga brand, as well as in Celine, Maison Margiela and Donna Karan.
Tisci is stepping down at the end of this month, as was widely expected, five years after his appointment by former CEO Marco Gobetti to restore the group’s fortunes after an ill-fated foray into the market. His final Spring-Summer 2023 collection was presented this week.
Analysts at RBC said the announcement was positive, “as some investors believe Burberry requires a fresh perspective from a creative and design perspective.”
Jefferies analysts noted that “Tisci’s designs did not have a strong resonance on social media, and Burberry’s sales growth was lackluster” compared to its peers. However, they cautioned that it could take up to two years for a new creative director to do a “rebranding”.
The announcement comes the same week that Burberry lost its chief financial officer, Julie Brown, to GlaxoSmithKline (NYSE:).
By 05:00 ET (09:00 GMT), Burberry stock was up 3.7%, sharply outperforming the benchmark, which fell nearly 2% after a lackluster judgment from the International Monetary Fund and credit rating firm Moody’s on the government’s new plans. Fund a massive package of tax cuts and energy subsidies while increasing borrowing. Burberry makes less than a quarter of its total sales in the UK, usually as a tailwind to its reported profits.