Francesco Risso will become creative director of the label.
The designer had most recently been freelancing after running his own label and working at Cerruti and Jack Wills.
Brand blamed the slowdown on weaker-than-anticipated sales following the Christmas season.
Guests included Natasha Lyonne, Sarah Sophie Flicker, Arden Wohl and Zani Gugelmann.
The $600.2 million bra specialist is making strategic changes to build brand equity while eliminating segments that are underperforming.
The department store’s group vice president, fashion director and global forecaster, has been been getting to know the students over the past few years.