Italian fashion house Dolce & Gabbana said Monday that it had appointed the former Gucci boss Stefano Cantino as its co-chief executive, part of a management shake-up as it seeks to refinance its debt.
He will be co-CEO with Alfonso Dolce, the brother of D&G co-founder and designer Domenico Dolce, the company said in a statement.
Alfonso Dolce has also been chairman since January following the resignation of the brand’s other co-founder, designer Stefano Gabbana, who retains his creative duties.
Cantino is a fashion veteran who most recently served as chief executive of rival luxury brand Gucci.
D&G said his appointment was driven by “the evolution of its organisational model from a fashion brand to a lifestyle company”.
D&G said Friday that negotiations with banks to refinance its heavy debt load were ongoing.
Bloomberg had estimated the debt at 450 million euros ($525 million) and reported Friday that Gabbana was considering options for his 40 per cent stake in the company.
Many top fashion brands have been squeezed in recent years by a slump in the luxury market.
Dolce & Gabbana is one of fashion’s most successful design collaborations, tapping into Dolce’s Sicilian roots for form-fitting designs that have attracted stars from Madonna to Monica Bellucci.
Source: Khaleej Times