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Dolce&Gabbana CEO Ready to Open Capital to New Investors

The logo of Italian designers Dolce & Gabbana is seen at a branch office at Bahnhofstrasse shopping street in Zurich, Switzerland September 9, 2020. REUTERS/Arnd Wiegmann
The logo of Italian designers Dolce & Gabbana is seen at a branch office at Bahnhofstrasse shopping street in Zurich, Switzerland September 9, 2020. REUTERS/Arnd Wiegmann
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Dolce&Gabbana CEO Ready to Open Capital to New Investors

The logo of Italian designers Dolce & Gabbana is seen at a branch office at Bahnhofstrasse shopping street in Zurich, Switzerland September 9, 2020. REUTERS/Arnd Wiegmann
The logo of Italian designers Dolce & Gabbana is seen at a branch office at Bahnhofstrasse shopping street in Zurich, Switzerland September 9, 2020. REUTERS/Arnd Wiegmann

Dolce&Gabbana is ready to consider opening up its capital to new investors either through a listing or other routes, the Italian fashion house's CEO said.
"We are now ready to consider opening our capital to third parties through a listing or other financial instruments," CEO Alfonso Dolce said in an interview published on Monday in Corriere della Sera's L'Economia weekly supplement.
The financing must "not compromise the ethical value of our company, its respectful growth," said Dolce, brother of Domenico, who founded the group and runs it in partnership with Stefano Gabbana, Reuters reported.
In May, the CEO did not rule out a possible future stock market listing, but said the move was not a priority.
Dolce&Gabbana's revenue for the 2023-2024 fiscal year, which ended in March, was up 17% to 1.871 billion euros ($2.04 billion), said Dolce, adding that he hoped to repeat this growth this year.
The fashion house will open 12 new stores in the US, including at 695 Madison Avenue in New York, the former Hermes location, with more than 2,000 square meters over five floors.
"The United States are vital, we already have 72 stores, plus four in Canada, together they represent 28% of our turnover, compared to 16% in China," said Dolce.

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Italy Antitrust Probes Armani, Dior over Alleged Exploitation of Workers

FILE PHOTO: People stand in front of a Christian Dior store in Piazza Di Spagna (Spanish Square) in Rome, Italy December 19, 2020. REUTERS/Remo Casilli/File Photo
FILE PHOTO: People stand in front of a Christian Dior store in Piazza Di Spagna (Spanish Square) in Rome, Italy December 19, 2020. REUTERS/Remo Casilli/File Photo
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Italy Antitrust Probes Armani, Dior over Alleged Exploitation of Workers

FILE PHOTO: People stand in front of a Christian Dior store in Piazza Di Spagna (Spanish Square) in Rome, Italy December 19, 2020. REUTERS/Remo Casilli/File Photo
FILE PHOTO: People stand in front of a Christian Dior store in Piazza Di Spagna (Spanish Square) in Rome, Italy December 19, 2020. REUTERS/Remo Casilli/File Photo

Italy's competition authority said on Wednesday it had begun an investigation into luxury fashion groups Armani and Dior over the alleged exploitation of workers in their supply chain.
In June and April, Milan prosecutors ordered that several Chinese-owned firms in Italy - producing luxury goods for Dior and Armani - be placed under administration, accusing them of systematically abusing their employees.
The regulator alleged that Armani and Dior "emphasized the craftmanship and the excellence of their workmanship" while relying on workshops employing people on inadequate salaries, working long hours and in violation of health and safety rules.
The probe focused on some companies of the Armani Group and the LVMH-controlled Dior Group, and inspections were carried out at the companies on Tuesday, Reuters quoted the agency as saying.
"The (Armani and Dior) companies may have made untrue ethical and social responsibility claims, in particular with regard to working conditions and compliance with legality at their suppliers," the antitrust agency said.
They were placed under investigation "for possible unlawful conduct in the promotion and sale of articles and clothing accessories, in breach of the (Italian) Consumer Code," it said.
Armani and LVMH did not immediately respond to requests for comment.
Breaches of the consumer code are punishable with fines ranging from 5,000 euros ($5,456) to 10 million euros ($10.91 million).
The luxury industry's supply chain has come under increased scrutiny by consumers and investors in recent years. To reduce risks to their reputation, fashion labels have curbed the number of sub-contractors and brought production in-house.
Italy's antitrust agency also polices consumer rights and unfair commercial practices. Last year, it fined companies owned by fashion influencer Chiara Ferragni almost 1.1 million euros over misleading charity claims on a Ferragni-branded Christmas cake.