Discarding changes in a Label, rollback to last valid text

I have a Label with the word “New” typed inside. When I start editing it, that word dissapears and the user can write in a white canvas. But if the user wants to discard the changes pressing Esc key or changing the focus, I want to recover the “New” word prior to text editing.

The title is hidden when the box has keyboard focus, so you’d need to take away the focus when they press esc.

Uhm, thank you. However, is possible start typing with a empty TextEditor without previously clearing the label’s text (as I was doing)?