After 40 years at the helm: Stefano Gabbana steps down as president
10 April 14:58
Italian designer Stefano Gabbana, one of the founders of the Dolce & Gabbana fashion house, has stepped down as the company’s president.
This was reported by Reuters , citing documents filed with the local chamber of commerce, according to [Komersant].
According to the documents, the 63-year-old designer announced his intention to step down back in December of last year. The decision took effect on January 1.
Who took over the company
Alfonso Dolce, the company’s CEO and brother of brand co-founder Domenico Dolce, has been appointed the new president of the fashion house.
Despite the personnel changes, Domenico Dolce and Stefano Gabbana remain in charge of the brand’s creative direction.
How the fashion house was founded
Domenico Dolce and Stefano Gabbana founded Dolce & Gabbana in 1985.
Since then, the brand has become one of the most famous in the fashion world, known for its luxury clothing, accessories, and perfume collections.
Possible changes in the company’s ownership
According to Bloomberg , Stefano Gabbana is considering alternative options regarding his stake in the company, which amounts to approximately 40% of the shares.
The company is currently engaged in a new round of negotiations with creditors regarding debt restructuring.
Financial challenges for the brand
Dolce & Gabbana, like other companies in the luxury segment, is going through a difficult period.
The market has been affected by:
- a prolonged downturn in the luxury goods sector;
- global economic uncertainty;
- geopolitical risks, particularly due to the Iran-Israel conflict.
These factors have affected the company’s profits and made it difficult to meet its debt obligations.
Changes in the fashion market
Recently, the Italian fashion industry has seen active brand consolidation.
In particular, the Prada fashion house has agreed to acquire Versace for $1.38 billion.
This deal aims to strengthen the position of Italy’s largest fashion companies in the global market.
