The company is now considering what to do with its 40 percent stake, according to Business of Fashion. Domenico's brother, Alfonso Dolce, has taken over as chairman, and former Gucci CEO Stefano Cantin is reportedly stepping into a leading management role.
The company is allegedly preparing for new negotiations with the bank. Gabbana's departure from the company does not appear to be the result of any scandal or offensive statement.
Over the years, the brand and its founders have been the target of criticism for racism and homophobia, often refusing to apologize.
One of their biggest scandals occurred in 2018, when they refused to cancel a show in China after releasing a promotional video in which a Chinese woman awkwardly attempted to eat Italian food with chopsticks.
Gabbana then posted racist comments on Instagram about Chinese people, later claiming his account had been hacked.