Initial public offering (IPO) isn’t on the cards for fashion giant Dolce & Gabbana at the moment. However, that doesn’t mean it won’t be at some point.
Speaking at Milano Fashion Global Summit 2024 on Monday, Dolce & Gabbana’s CEO Alfonso Dolce said that the company would be open to considering an IPO in the future.
“We are open to looking at (IPO) but before that we want to consolidate our business,” Dolce said.
Dolce also added that the company needs to consider a number of factors, including the “social responsibility” towards its employees and partners.
Alfonso Dolce, brother of the company’s founder, Domenico, hinted at an IPO possibility earlier this year. He explained that Dolce & Gabbana is hoping to attract outside capital either through listing or by welcoming minority investors.
With the luxury goods sector going through a difficult time, Dolce & Gabbana is likely looking for a financial boost to support its operations in a challenging environment. Additionally, Dolce also hinted that the company is pursuing further expansion in key markets, with the United States, which accounts for around 30% of total sales for the fashion house, being the main focus.
For its fiscal 2023, which ended in March, Dolce & Gabbana said it had a 17% revenue increase to 1.87 billion euros ($2.2 billion) but recorded an operating loss of 13 million euros ($14.4 million).