Stefano Gabbana resigned as chairman of Dolce & Gabbana and is considering options for his stake in the Italian fashion company ahead of negotiations with its bank lenders. 

Gabbana, 63, who founded the design house with his then-partner Domenico Dolce, stepped down in December, according to an Italian corporate filing. Alfonso Dolce, Domenico’s brother and current CEO, took over as chairman in January. The resignation hasn’t been reported before. 

The fashion mogul is considering alternative options for his holding of about 40% in the firm, which is entering a new round of debt talks with creditors. Dolce & Gabbana’s lenders are now seeking an injection of up to €150 million ($176 million) in fresh funds as part of a broader refinancing of €450 million of debt, some of the people said. The company is considering the disposal of real estate assets and renewal of licenses to raise the money, they said. The firm is also set to appoint former Gucci CEO Stefano Cantino in a top management role.

Founded in 1985, Dolce & Gabbana has become one of the fashion industry’s most beloved brands, establishing a glamourous, unapologetic design language rooted in Italian sensibilities. Spanning womenswear, menswear, beauty and homewear, Stefano Gabbana and Domenico Dolce have built a far-reaching empire that delivers luxurious theatrics in droves. Championed by the likes of Madonna, K-Pop star and former 10 Men cover boy Choi San and Beyoncé, D&G has built an indomitable legacy. We will await to see what this new chapter holds for both him and the brand.