Dolce and Gabbana Join Tory Burch in the Billionaires Club
Tory Burch, who recently became a billionaire herself, can now welcome Italy's 'bad boys' of fashion to the billionaires club, despite some tax troubles. Stefano Gabbana, 50 and Domenico Dolce, 54 are being accused of evading over $500 million in taxes on over $1 billion in royalties when they sold Dolce & Gabbana and the now defunct D&G brand to their own Luxembourg-based holding company in 2004. If convicted, the two could face five years in jail and a large fine. The designer duo have denied any wrong doing. Forbes estimates that the one-time romantic partners, who own 50% of the private company apiece, are worth well over $1 billion each. According to Forbes, “The two made the decision to shutter lower-priced diffusion brand D&G… in 2011 to focus on their bread and butter, Dolce & Gabbana. This allowed the duo to debut their first couture collection in September 2012, to a rapturous reception from the fashion press (Vogue deemed the gowns 'stunning', and they don’t mince their words).” View more of the gorgeous collection here.