Francesco Risso will become creative director of the label.
Black, Blue labels will no longer carry Burberry name.
Jennifer Lawrence, Cate Blanchett and Justin Bieber were among the guests.
Select team collections will be available immediately, and designs for all 30 teams will be launched before the start of the 2014-15 season.
The upscale retailer for the first time has designed a pop-up shop slated to open at Tuesday’s event at Rockefeller Center in New York.