Dolce and Gabbana become billionaires amid global spending spree

ROME. January 16. KAZINFORM A surge in global demand for luxury goods and clothing has unveiled three Italian billionaires as valuations of the world's best-known fashion brands soar.
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Domenico Dolce, 54, and Stefano Gabbana, 50, the co- founders of Dolce & Gabbana Srl, the Milan-based fashion retailer whose Plumeti Tulle and Lace prom dresses sell for about $4,000, have joined the ranks of the world's richest, according to the Bloomberg Billionaires Index.

Sandro Veronesi, the 53-year-old owner of closely held Calzedonia Group, the retail franchise that sells bras, bikinis and briefs through its Intimissimi and Tezenis brands, has also amassed a 10-figure fortune.

"They are in two completely different market segments," Carlo Pambianco, founder of Milan-based fashion consultancy Pambianco, said by phone. "Both are among the most valuable unquoted fashion companies in Italy."

Growing global consuming spending has fueled a bull market for fashion retail companies. Shares of Italy's Prada SpA more than doubled in 2012. New York-based Michael Kors Holdings Ltd. shares were up 87.3 percent during the year, and Germany's Hugo Boss AG rose 44.5 percent, Kazinform cites Bloomberg.

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