First off, I don't think there's really any need to get too excited until Apple confirms it. If/when they do then we'll get a better idea of Cook's plans.
In the meantime, I'll join in with the hysterical screaming if that's okay.
To all those people who trust Cook's judgement and point out that he runs the world's most successful tech company: This is very true, but remember that the know-nothing armchair experts were screaming that Browett was a bad hire from the day his appointment was announced. For armchair CEOs, they made a pretty good call as it turns out. When Browett was let go, Cook said that he was a bad fit for Apple's culture.
Having watched the celebration video, I'm wondering what would make Cook think this is a good fit.
Maybe Apple is thinking that they can get more protection for their ideas by rebranding themselves as a fashion house?
Or maybe they're thinking there's little point in spending billions on R&D if a competitor can just walk in and steal it. Maybe they're thinking that the way forward is just to buy fashion icons and rake in the profits. When the icon falls out of fashion then they simply drop a couple of billion on the next one. Of course for that to work they need to have someone on board who understood fashion.
(That is a very good article by the way. Technology isn't the only industry where you can build a successful business from IP theft).