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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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Burberry Axes CEO and Dividend, Warns on Profit

A person walks past a Burberry store undergoing refurbishment on New Bond Street in London, Britain, March 11, 2023. REUTERS/Henry Nicholls
A person walks past a Burberry store undergoing refurbishment on New Bond Street in London, Britain, March 11, 2023. REUTERS/Henry Nicholls
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Burberry Axes CEO and Dividend, Warns on Profit

A person walks past a Burberry store undergoing refurbishment on New Bond Street in London, Britain, March 11, 2023. REUTERS/Henry Nicholls
A person walks past a Burberry store undergoing refurbishment on New Bond Street in London, Britain, March 11, 2023. REUTERS/Henry Nicholls

British luxury group Burberry named former Michael Kors boss Joshua Schulman as its new chief executive on Monday, axing Jonathan Akeroyd after two years as it warned on profit and scrapped its dividend.
A slow down in the luxury sector has hit Burberry harder than rival brands, derailing the 168 year-old British name at a time when it had been trying to move upmarket, and triggering the latest change at the top of the company, Reuters said.
For the 13 weeks to June 29, underlying sales slumped 21% as the company said weakness in its market deepened. It warned that on current trends it would miss forecasts for annual profit and it would scrap this year's dividend to invest in growth.
Burberry has been in turnaround mode for sometime, and under a number of different bosses. Designer Riccardo Tisci exited in 2022 after less than five years. Akeroyd's predecessor left after four years.
"This is a kitchen sink exercise par excellence, and underscores the enormity of the challenge facing Burberry in a world where Chinese sales can no longer be taken for granted," Chris Beauchamp, chief market analyst at online trading platform IG said.
Schulman was CEO of US brand Michael Kors from 2021-2022 and before that brand president at Coach.
While some higher end luxury brands like Hermes and Prada have proved to be more resilient, Burberry has struggled.
Shoppers in the United States and Europe have grown more cautious as the cost of living has risen, while appetite in China has been deflated by a property crisis and record youth unemployment.
Burberry said on Monday it would switch its offer back to be "more familiar" to its "core customers", with a marketing campaign for outerwear to launch in October. Its last collection departed from its classic camel, red and black check print in favor of bold colors.
It said it expected to see an improvement in its second half, and would also find cost savings.
Shares in Burberry have lost 57% of their value over the last 12 months, underpeforming Britain's bluechip index which is up 13%.