Summary
Stefano Gabbana, co-founder of Dolce & Gabbana, has stepped down as the chair of the company due to its financial struggles. He will continue in his creative role while Alfonso Dolce, brother of co-founder Domenico Dolce, takes over as chair. The company is dealing with significant debt and exploring new market opportunities like hospitality and furniture.
Key Facts
- Stefano Gabbana stepped down as chair of Dolce & Gabbana on January 1.
- Alfonso Dolce, Domenico Dolce's brother, is the new chair.
- Dolce & Gabbana has around €450 million (£391 million/$528 million) in debt.
- The company is experiencing a slowdown in sales, especially in China.
- Gabbana will stay involved in the creative side of the business.
- Dolce & Gabbana is seeking new markets such as hospitality and furniture.
- The company has faced controversies but maintains a strong brand image.
- Financial advisers are involved, and talks with creditors are ongoing.
