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Alsharq Tribune- Ahmed Essam
Stefano Gabbana, co-founder of Italian luxury fashion house Dolce & Gabbana, stepped down as chair in January, according to a company filing with the local chamber of commerce seen by Reuters on Friday.
The news was first reported by Bloomberg, which said the designer was also considering options for his roughly 40% stake in the company ahead of negotiations with its bank lenders.
Dolce & Gabbana’s lenders are seeking an injection of up to 150 million euros in fresh funds as part of a broader refinancing of 450 million euros ($525.7 million) of debt, Bloomberg reported, citing sources.
It added that the company was considering the disposal of real estate and the renewal of licenses to raise money. Dolce & Gabbana was not immediately available for comment.
Domenico Dolce and Stefano Gabbana founded the company in 1985 and they are still in charge of creative direction. According to the filing, Gabbana, 63, informed the company in December that he intended to step down as chair effective January 1.
Chief Executive Alfonso Dolce, the brother of co-founder Domenico Dolce, was appointed as the new chair. In the past the company did not rule out the possibility of a minority investor or stock market listing.
