Italian fashion house Dolce & Gabbana on Monday (local time) announced that it has appointed Stefano Cantino, the former Gucci boss, as its co-chief executive, as part of its management shake-up aimed at refinancing debt, AFP reported.
The company, in a statement, said that Cantino will serve as co-CEO with Alfonso Dolce, the brother of D&G co-founder and designer Domenico Dolce. Cantino, a fashion veteran, has most recently served as chief executive officer of D&G’s rival brand, Gucci.
The company noted that Cantino’s appointment was driven by “the evolution of its organisational model from a fashion brand to a lifestyle company”.
Alfonso Dolce has also been the chairman of the company since January this year, after the co-founder and designer Stefano Gabbana resigned from his post, but retains his creative duties.
Gabbana steps down
According to a Bloomberg report, Gabbana, 63, stepped down in December last year. The changes were “part of a natural evolution of its organizational structure and governance,” the company said on 10 April, adding Gabbana’s move will “have no impact” on his creative activities.
Luxury sector downturn hits D&G
The closely held company has been under pressure from a prolonged downturn in the luxury sector, recently worsened by uncertainty linked to the war in Iran. These challenges have hurt earnings and made it more difficult to comply with debt obligations.
Gabbana is exploring alternative options for his roughly 40% stake in the business, which is preparing for a new round of debt negotiations with creditors, Bloomberg reported.
Lenders are seeking up to €150 million ($175.3 million) in fresh capital as part of a broader refinancing plan covering €450 million in debt, sources said. To raise the funds, the company is considering selling real estate assets and renewing licences.
Founded in the mid-1980s, Dolce & Gabbana quickly became one of the world’s most recognisable fashion brands, known for its Mediterranean-inspired style. Although Gabbana and Domenico Dolce separated more than 20 years ago, they have remained business partners and jointly control 80% of the company through a holding entity. The remaining shares are held separately by Domenico, Alfonso, and their sister Dorotea.
Who is Stefano Cantino?
According to his LinkedIn profile, Cantino is an experienced Director of External Relations with a demonstrated history of working in the apparel and fashion industry. He is skilled in trend analysis, luxury goods, management, brand management, and retail. He graduated from Università degli Studi di Torino. Cantino graduated in 1987 with a Bachelor’s degree in Political Science, with a specialisation in Political and Social Studies.
For over 20 years, he worked at Prada in different capacities. According to his profile, his stint at Prada began in 1998, over a decade after he graduated. He first worked as its marketing director between 1998 and 2009. He later became the Group Communication and External Relations Director, serving from 2009 to 2014. From 2014 to 2018, Cantino served as Prada’s Group Marketing, Communication, and Business Development Director.
Following his stint at Prada, he worked as a Senior Vice President of Communication and Events at Louis Vuitton in Paris for nearly six years.
In 2024, he joined Gucci as its Deputy CEO, and in January last year, he was promoted to CEO.
(With agency inputs)