Dolce & Gabbana brings in ex-Gucci boss
ROME, Italy — 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 (P31.7 billion) and reported Friday that Gabbana was considering options for his 40 percent 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.
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