Dolce & Gabbana gets fresh cash to fund bet on beauty products
Dolce & Gabbana Srl has obtained additional debt from its creditors to fund its expansion in the beauty and property sectors.
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The Italian fashion house, known for its Mediterranean-inspired designs, has agreed with banks on new financing of €150 million, a representative confirmed by email. The new debt is partially guaranteed by state-backed credit insurer SACE SpA.
Dolce Gabbana has also agreed to refinance its existing loans, which originally totaled €400 million but had been partially repaid, said the representative.
Discussions with bank lenders had been ongoing for months, as the company looks to pivot its strategy and broaden its revenue streams.
Dolce Gabbana's management is betting that its beauty business will be key if it is to remain an independent company in the rapidly shifting luxury industry. Revenue from beauty products is expected to rise more than 20% for the 12 months through the end of March 2025, said Chief Executive Alfonso Dolce in an interview with Bloomberg News earlier this year.
The fashion house, like its peers, is navigating a period of uncertainty amid slowing demand for luxury goods. Some have opted for consolidation: Hong-Kong listed Prada SpA in April agreed to buy Gianni Versace Srl.
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