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Stefano Gabbana, a co-founder of Italian luxury brand Dolce & Gabbana, has resigned as chairman but stays on in a creative role, the company announced Friday.
Dolce & Gabbana (D&G) said that Gabbana, aged 63, had resigned from his corporate positions as of January 1 “as part of a natural process of organisational and governance evolution.”
According to a corporate filing from January viewed by AFP, the fashion company’s new chairman is Chief Executive Alfonso Dolce, the brother of Gabbana’s co-designer Domenico Dolce. The departure of Gabbana, who launched the label with Domenico Dolce in 1985, was first reported by Bloomberg.
Gabbana is also considering options for his 40 per cent stake in the company, as D&G enters a new round of negotiations with lenders to refinance 450 million euros ($525 million) of debt, Bloomberg reported. However, D&G said it had nothing to report on the debt issue “as negotiations with the banks are still ongoing.”
The leadership change comes in the wake of many top fashion brands being squeezed in recent years by an ongoing decline in the global luxury market. Rising inflation, reduced consumer spending in major markets like China, and shifting tastes have pressured even well-established fashion houses, compelling them to restructure operations and streamline governance.
Despite the corporate reshuffle, both Dolce and Gabbana remain creatively involved. The duo appeared on the runway with guest Madonna after February’s D&G women’s ready-to-wear show at Milan Fashion Week, signalling continuity in the brand’s artistic direction.
Dolce and Gabbana is globally regarded as one of fashion’s most successful design collaborations. Tapping into Domenico Dolce’s Sicilian roots, their form-fitting, sensual designs have attracted a loyal celebrity following over nearly four decades, from Madonna and Monica Bellucci to Kylie Minogue and Beyoncé.
The brand, also known for its corsetry, lace, Baroque prints, and smooth tailoring, has grown from a small workshop into a global luxury powerhouse with revenues exceeding €1.5 billion annually before the recent market downturn.
