Italian fashion house Dolce & Gabbana said on Monday that it has appointed former Gucci chief executive Stefano Cantino as co-CEO, as part of a management reshuffle aimed at supporting its debt refinancing plans.
He will share the role with Alfonso Dolce, brother of co-founder Domenico Dolce, the company said in a statement.
Alfonso Dolce has served as chairman since January, following the resignation of co-founder Stefano Gabbana, who has stepped back from management but continues to oversee creative duties.
Cantino is a veteran luxury executive who most recently led rival brand Gucci as CEO.
Dolce & Gabbana said his appointment reflects “the evolution of its organisational model from a fashion brand to a lifestyle company.”
The company confirmed that talks with banks over refinancing its significant debt load are ongoing. Bloomberg has estimated the debt at around €450 million ($525 million) and reported that Gabbana is considering options related to his 40% stake in the business.
The luxury sector has faced mounting pressure in recent years amid a global slowdown in demand.
Founded by Domenico Dolce and Stefano Gabbana, the brand remains one of fashion’s most recognisable names, known for its bold, Sicily-inspired designs worn by celebrities including Madonna and Monica Bellucci.
