Italian fashion house Dolce & Gabbana has dropped all acquisition offers it received in the last few months and its founders Domenico Dolce and Stefano Gabbana say they have created a trust for the future of the brand and want to move forward.
“We have rejected all offers to buy (the company). One can have a lot of money but if you are not free, what do you do with it?,” Domenico Dolce said in an interview with fashion’s most famous duo in Italian daily Corriere Della Sera.
He did not give any details of offers from buyers the company had received.
The unlisted group is one of the ten largest fashion groups in Italy by revenues and had sales of 1.3 billion euros in the year ending in March 2017. The brand is popular among celebrities for its bold and opulent designs.
Asked who would inherit the group’s “fortune” Stefano Gabbana said: “Once we will be dead, we will be dead.”
Japanese Style, a complete no! no!
“I don’t want a Japanese designer to design for Dolce & Gabbana,” he added, without elaborating.
The two designers, who remained business partners after their romantic relationship ended, said they had divided everything up and created a trust for the company which neither of the two can touch.
This is intended to safeguard one of the two in case something happens to the other partner, but the designers did not reveal any further details.
This move may have been inspired by veteran designer Giorgio Armani, who in October last year, said that under his succession plans, part of his fashion empire would be transferred to a foundation recently created in his name.