MILAN (dpa-AFX) – At the Italian fashion house Dolce&Gabbana – one of the best-known names in the fashion world – company founder Stefano Gabbana has said goodbye to the management. The 63-year-old had already resigned from all corporate functions at the beginning of the year, the group confirmed corresponding media reports. At the same time it was emphasized: “This resignation has no influence on the creative activities that Stefano Gabbana carries out for the group.”
Dolce&Gabbana was founded in Milan in 1985. The second namesake, alongside Gabbana, who was born in Milan, is the Sicilian Domenico Dolce (67). The two achieved their international breakthrough a few years later through their collaboration with US pop singer Madonna, for whom they designed numerous costumes. The two used to be a couple in their private lives too. Today the group has more than 5,400 employees with annual sales of around 1.9 billion euros.
Reports: Debts of 450 million euros
In contrast to Gabbana, Domenico Dolce also retains management functions. In addition, according to media reports, his brother Alfonso Dolce has been promoted to second CEO. Regarding reports that the group was struggling with debts amounting to 450 million euros, the only official statement was: “The company currently has nothing to explain on this issue, as negotiations with the banks are still ongoing.”
According to media reports, the company is considering raising new financing of up to 150 million euros to strengthen its liquidity. A sale of real estate is also being discussed, it is said. The two founders each hold around 40 percent of the shares in Dolce&Gabbana. There is also speculation in the Italian newspapers that a former top manager of the Italian rival brand Gucci, Stefano Cantino, could join the company./cs/DP/men
