Francesco Risso will become creative director of the label.
The designer has worked for Ellie Saab, Porsche Design and Kenneth Cole.
The e-tail giant increased its earnings guidance for the second time this year.
Company’s second-quarter sales bounce due partly to U.K. shopping frenzy.
Michael Kors and Abercrombie are trading at lower enterprise values from a decade ago.
Burberry shares tumbled 8.7 percent, despite a pickup in second-quarter sales.