Dolce & Gabbana announced on Friday that co-founder Stefano Gabbana will step down from his positions at the Italian luxury fashion house and its controlling holding company, effective January 1. This confirms earlier reports of his resignation as chair.
The company emphasized that Gabbana’s departure from the chairmanship will not affect his ongoing creative contributions to the group. Alfonso Dolce, CEO and brother of co-founder Domenico Dolce, has been appointed as the new chair, as stated in a filing submitted to the Milan Chamber of Commerce.
At 63, Gabbana made his traditional appearance at the brand’s last runway show in February, alongside Dolce and with pop icon Madonna, a longtime muse of the designers, attending in the front row.
In a significant development, Gabbana is reportedly considering options for his approximately 40% stake in the company amid ongoing debt negotiations with lenders. The group’s creditors are seeking up to 150 million euros in fresh capital as part of a larger refinancing plan involving 450 million euros ($525.7 million) of debt.
Advised by Rothschild, Dolce & Gabbana is exploring various avenues to raise funds, including potential asset sales such as real estate and license renewals. The company has refrained from commenting publicly, citing the ongoing nature of the bank negotiations.
The family-owned luxury group, which integrated its beauty division in-house in 2022 and invested heavily in its expansion, is facing challenging market conditions. Previously, the company did not rule out the possibility of bringing in a minority investor or pursuing a stock market listing.
Founded in 1985 by Domenico Dolce and Stefano Gabbana, the duo remains responsible for the brand’s creative direction. the company filing, Gabbana notified the group in December of his decision to resign as chair starting January 1.
Alongside this leadership change, former Gucci CEO Stefano Cantino is set to join Dolce & Gabbana in an unspecified executive capacity, sources familiar with the matter. Earlier this year, Managing Director Fedele Usai departed the company to become Chief Marketing Officer at French luxury group Kering. Cantino was not immediately available for comment.
