Stefano Gabbana has left his post as chair of Dolce & Gabbana, the fashion house he co-founded with Domenico Dolce, the company has confirmed. The resignation took effect on 1 January and is described as part of a natural evolution of the brand's organisational structure and governance.
Alfonso Dolce, Domenico’s brother and the company’s chief executive, has taken over the role. The fashion house stressed that Gabbana’s departure from the chairmanship has no impact on his creative activities, and he continues to work on behalf of the group.
According to reports, Gabbana is now considering his options for his 40% stake in the company ahead of negotiations with bank lenders. The label, which was founded in 1985, has been affected by a downturn in the luxury market, compounded by uncertainty related to the conflict in Iran, a key region for high-end brands.
Dolce & Gabbana has around €450m (£391m) in bank debt and appointed Rothschild & Co earlier this year as a financial adviser for talks with creditors. The company has not commented on the current status of negotiations beyond confirming they are ongoing.
