Dsquared2, the Milan-based label founded by Canadian twins Dean and Dan Caten, said on Monday it is laying off about 40 employees as it contends with the downturn that has sapped revenue and profit across the industry.
The layoffs will affect people across the company’s offices and are expected to be completed by early next year, Dsquared2 said in a statement. The company, which this year celebrated its 30th anniversary, didn’t say how many employees it has and didn’t immediately respond to a request for comment. Industry estimates put the number of Dsquared2 employees at between 400 and 500.
“This decision, though difficult, is a proactive step toward strengthening the group’s operational structure and positioning it for long-term success,” the company said in its statement.
The recent fashion shows in Paris and Milan breathed new creative life into the sagging luxury industry, but even if that enthusiasm translates into higher revenue and profit, it will take close to a year for it to show up on company income statements. In the meantime, companies large and small are making moves to limit the damage.
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Dsquared2 and OTB’s Staff International Spar Over Licensing Deal
Dean and Dan Caten’s Y2K denim brand has terminated its licensing deal with Renzo Rosso’s production and distribution arm ahead of its expiration. Staff is seeking to block the move in Italian courts.
