Daniel Lee, the British designer best known for breathing new life into Bottega Veneta, will replace Riccardo Tisci as creative director at Burberry.
Italian designer Tisci has held the position at the British house since 2018 and has been widely credited with steering it in a new direction, introducing a new streetwear element that has done well in menswear. However, with the arrival of new Burberry chief executive Jonathan Akeroyd, a shake-up has long been rumoured. And now it has been confirmed that Lee will take over the house from Monday.
"After almost five years, Riccardo Tisci has decided to step down as chief creative officer and leave Burberry at the end of this month. His spring/summer 2023 collection, presented this week in London, was his last for Burberry," the brand posted on social media.
Tisci's spring/summer 2023 collection had been postponed after the death of Queen Elizabeth II and finally took place, sandwiched between the end of Milan Fashion Week and the start of Paris Fashion Week.
Themed on the concept of the beach and the life that evolves around that, while bristling with colour and stripes, the collection felt more akin to the resort collections that thrive in Europe and the Middle East, thanks to better weather, rather than being a show that spoke to Burberry's customers.
Lee, 36, was appointed creative director of the storied Italian house Bottega Veneta in July 2018.
He led the revival of the brand, reworking house styles, but in soft, sensual shapes. Bags and accessories became slouchy and immensely tactile, as clothes became younger and more directional. However, in April last year, he was investigated for possible infringement of social-distancing regulations with regard to an after-party and in November, his departure from the brand was announced as a "joint decision."
With the new appointment, he once again steps into the helm of a major fashion house, with all eyes now on him to see what he can do at Burberry.
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Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon
Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon
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US households add $601bn of debt in 2019
American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.
Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.
Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.
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