Shares in Burberry (LON:BRBY) have advanced in London this morning, with investors reacting positively to news that the company has appointed former Givenchy director Riccardo Tisci to replace Christopher Bailey as a chief creative officer. The appointment comes as the retailer’s new chief executive looks to shift the company further upmarket.
As of 10:30 GMT, Burberry’s share price had added 5.15 percent to 1,612.50p, outperforming the broader UK market, with the benchmark FTSE 100 index having fallen into the red and currently standing 0.60 percent lower at 7,188.23 points. The group’s shares have lost just under 10 percent of their value over the past year, as compared with a 2.6-percent fall in the Footsie.
New chief creative officer
Burberry announced in a statement today that it had appointed Riccardo Tisci as chief creative officer, effective March 12. Tisci, who spent more than a decade as a creative director at Givenchy, will direct all the group’s collections and present his first for the brand in September.
“I am delighted that Riccardo is joining Burberry as Chief Creative Officer. Riccardo is one of the most talented designers of our time,” the FTSE 100 retailer’s chief executive Marco Gobbetti commented in the statement, adding that his “creative vision will reinforce the ambitions we have for Burberry and position the brand firmly in luxury”.
The news comes after Burberry recently inked a partnership deal with tech platform Farfetch, as it looks to boost its e-commerce presence.
Analysts on Burberry
BNP Paribas reiterated its ‘neutral’ rating on the company last month, valuing the shares at 1,550p, while Berenberg Bank continues to see the retailer as a ‘buy,’ with a price target of 1,890p on the stock. According to MarketBeat, Burberry currently has a consensus ‘hold’ rating and an average price target of 1,682.22p.