Dolce & Gabbana co-founder steps down as chair amid debt battle
Dolce & Gabbana co-founder steps down as chair amid debt battle
Stefano Gabbana exits the chair role after 40 years as the luxury house contends with debt and eyeing new markets like hospitality and furniture.
Stefano Gabbana has stepped down as chair of Dolce & Gabbana after four decades at the helm, a move that comes as the fashion house grapples with a debt pile of around €450m and a slowdown in global luxury spending. Gabbana will continue in his creative role, working alongside Domenico Dolce to shape new collections. Alfonso Dolce, the brother of the co-founder and the firm’s chief executive, took over as chair from January 1, signaling a leadership shift as the company navigates financial pressures. The fashion house has signaled ongoing negotiations with banks and lenders, with no additional statements issued at this time, while exploring options to stabilize the business. The debt situation has emerged as a key challenge for a privately owned brand that has long relied on its provocative, sexy Sicilian vibe to stand out in a crowded market. The company has been pursuing diversification into hospitality and furniture, rolling out items such as a leopard-print porcelain vase priced at about £1,084, signaling a broader shift in strategy beyond fashion. In commentary, industry experts note that while the brand has faced missteps in the past, it has managed to outlast broader controversy and market shifts, keeping its creative identity intact even as it seeks new growth avenues.
