D&G co-founder Gabbana resigns as chairman: company

Rome, Italy: One of the co-founders of Italian luxury brand Dolce & Gabbana, Stefano Gabbana, has stepped down as chairman but remains in his creative capacity, the company said Friday.

D&G said that Gabbana, 63, had resigned from his corporate positions as of January 1 "as part of a natural process of organizational and governance evolution".

The fashion company's new chairman is Chief Executive Alfonso Dolce, the brother of Gabbana's co-designer Domenico Dolce, according to a corporate filing from January viewed by AFP.

The 63-year-old Gabbana, who launched the label with Dolce in 1985, stepped down in December, according to Bloomberg, which first reported the news.

Gabbana is also considering options for his 40 percent stake in the company, as it enters a new round of negotiations with bank lenders to refinance 450 million euros ($525 million) of debt, Bloomberg reported.

D&G said it had nothing to report on the debt issue reported by Bloomberg "as negotiations with the banks are still ongoing."