Burberry denies rumors of Riccardo Tisci departing

The designer musical chairs rumor mill has been swirling regarding Riccardo Tisci's creative director position at Burberry. However, Burberry has confirmed that Riccardo Tisci will not be leaving the brand. The news was reported by The Financial Times.

So far, the label's shares have declined 40 percent in 2020 and employees are expecting layoffs, which led many to believe that Tisci could be on the chopping block. While declining shares usually lead to company's look at a change in leadership strategy, in Tisci's case Burberry was victim to the coronavirus pandemic like most luxury brands.

Burberry did post signs of a rebound in June as most global economies have reopened. Burberry's CEO, Marco Gobbetti, says he expects the luxury sector to weather the coronavirus pandemic and sees a full rebound in the company's future.

When Riccardo Tisci was brought on as creative director of Givenchy in 2018. The expectation for Tisci was to take Burberry beyond the gabardine trench coat that the label had become famous for and push it into a more streetwear direction. The brand's collections under Tisci have been critically acclaimed.

Tisci made a name for himself for bringing Givenchy into a new era, and Burberry saw him as the rightful heir to Christopher Bailey who had brought the brand much popularity during the 21st century as its creative director. Under his creative direction the brand has gone for a more luxury streetwear aesthetic that has brought in younger customers.