Dolce&Gabbana's turn: Stefano Cantino first ceo from outside the family
He will work alongside Alfonso Dolce and will have to manage the high debt and global decline of the sector - The differences with the Prada and Kering cases
Key points
Having reached almost two billion in revenues, proudly independent for over 40 years and, in fact, led by its founders, the Dolce&Gabbana group has outlined a turning point in the last four days. Abrupt, but necessary. On Friday, confirmation had arrived of Stefano Gabbana's 'sideways step', who as of 1 January left the role of president to keep 'only' that of co-creative director together with Domenico Dolce. While his shareholding (40%) remained intact, the role of Stefano Cantino, who for weeks had been rumoured to be arriving in an unspecified top role, remained to be defined. Yesterday the official note: Cantino will become co-CEO with Alfonso Dolce and Domenico Dolce's younger brother will also be chairman. There have been managers from outside the family at Dolce&Gabbana: the most recent case is Fedele Usai, general manager until a few weeks ago and now passed on to Kering, but Cantino is the first to take on the company's top operational responsibility.
The case of the Prada group: generational transition, not slowdown
A similar choice to that of the Prada group with the appointment of Andrea Guerra, to remain in Italia, or of Kering, at the head of which, since last September, there is Luca De Meo. The former arrived in January 2023, certainly not at a time of crisis for the group founded by Patrizio Bertelli and Miuccia Prada, quite the contrary: 2022 had closed with net revenues of 4.2 billion, up 21% compared to 2021, and a gross margin at 78.8% of revenues, or 3.3 billion. Guerra was called in to prepare the generational transition, not to upset internal balances or strategies.
The turnaround asked of De Meo in Kering
The second was chosen by the founding family (the Pinaults) for a real turnaround. Dolce&Gabbana is in a 'hybrid' situation: there are debts to renegotiate (450 million) and strategies to review, given the global fashion slowdown and the geopolitical scenario. Sales are not declining, contrary to profitability, and the image is very strong: just think of the wedding in 2025, between Lauren Sanchez and Jeff Bezos, with the bride dressed in Dolce&Gabbana lace. Or to Meryl Streep, who for The Devil Wears Prada 2 chose to be filmed in the front row at a single Dolce&Gabbana women's fashion show in Milan.
Cantino's previous experiences, from Vuitton to Gucci
The question is whether Cantino is the right manager for this difficult time: with a degree in political science, he spent years at Prada as communications director, a role suited to his training and perhaps his personality. At Louis Vuitton he arrived, again as head of communications, in 2018, but his cohabitation with Pietro Beccari, ceo of the world's largest luxury brand since February 2023, lasted little more than a year: in April 2024 Cantino moved to Kering, which appointed him first deputy ceo and then ceo of Gucci. The step from communication to actual company management was made, but with poor results. After only nine months, he left Gucci, now headed by Francesca Bellettini, who reports directly to De Meo. Of Cantino's transition to Gucci there remain unmemorable traces: the revenue and profit crisis, with him at the helm, became more serious. A tangible sign of his passage was the imposition of burgundy as the main colour of communication and marketing. Among Bellettini-De Meo's most recent moves is the scrapping of all burgundy bags, which have reverted to black. The devil is in the details and we will see if Cantino will convince him to dress Dolce&Gabbana.
