Dolce & Gabbana co-founder steps down as chair amid debt
Dolce & Gabbana co-founder steps down as chair amid debt
Stefano Gabbana steps down as chair of Dolce & Gabbana as the luxury house faces around €450m debt amid a softer global luxury market, with Alfonso Dolce taking the helm.
Stefano Gabbana has stepped down as chair of Dolce & Gabbana after four decades at the helm, although he will keep his creative role alongside Domenico Dolce. Alfonso Dolce, the brother of Domenico and the firm’s chief executive, took over the chair on January 1. The move comes as the fashion house confronts a debt pile of about €450 million and a softer global luxury market, with weakening demand in China weighing on sales.
To diversify beyond apparel, the group has been targeting hospitality and furniture. The latest collection includes items like a leopard-print porcelain vase priced at £1,084, illustrating the brand’s push into new categories.
Stefano Gabbana owns around 40% of the company, with Domenico also holding a large stake; the future of that stake remains unclear as talks with banks and creditors unfold. The company has not issued a public statement on the debt position amid ongoing discussions with lenders.
Earlier this year, the brand drew controversy at Milan Fashion Week over model diversity, drawing criticism from celebrities such as Bella Hadid. Despite the backlash, observers say the label has shown resilience, continuing to rely on its distinctive Sicilian-inspired aesthetic even as the luxury market shifts toward quiet luxury.
The leadership change underscores a period of recalibration for the fashion house as it seeks to stabilise finances while pursuing growth in new segments. Industry watchers will be watching closely how Alfonso Dolce steers the brand through debt negotiations and market headwinds.
