Italian Fashion House Dolce & Gabbana Brings In Ex-Gucci Boss Stefano Cantino, Said Alfonso Dolce

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 ($525 million) and reported Friday that Gabbana was considering options for his 40 per cent 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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