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.

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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.

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“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.

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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.

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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.

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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).