Stefano Gabbana has stepped down as chairman of the Italian fashion house that he co-founded with Domenico Dolce, but will continue in his creative role, the company said on Friday.
Gabbana’s resignation from oversight roles was effective Jan. 1. Alfonso Dolce, Domenico Dolce’s brother, was named chairman later that month, according to the company’s filing with the Milan chamber of commerce.
Dolce & Gabbana, in a statement, called the move “a natural evolution of its organizational structure and governance.″
The news was first reported by Bloomberg, which cited sources saying that Gabbana, 63, was considering options to exit his 40% stake in the 41-year-old fashion house.
Dolce & Gabbana’s lenders are up to 150 million euros in new funding as part of a broader refinancing of the fashion house’s 450 million euros ($525.7 million) of debt, Bloomberg reported. It added that the company was considering the disposal of real estate and the renewal of licences to raise money.
