Instead the brand will simply cease to exist.
"One can have a lot of money but if you are not free, what do you do with it?" Dolce, 55, said.
"When we split up, we said to ourselves that it was better to divide up everything, because if I took a blow to the head the next day he would have found himself dealing with someone not involved in the industry, like for example my cousin, who could ruin the business," Gabbana, also 55, explained.
"We have created a trust neither of us can touch."
The pair are riding high on a wave of long running critical and commercial acclaim, and recently saw their company turnover rise by nine per cent to $1.296 billion, with a new profit of nearly $100 million.
However, they have been particularly outspoken on LGBT issues in the past, and provoked furor in 2015 when they said in an interview: "We oppose gay adoptions. The only family is the traditional one.
"No chemical offsprings and rented uterus: life has a natural flow, there are things that should not be changed."
Read more: • Marc Jacobs proposes to boyfriend after flashmob dance
The childless pair, who both have new partners, made it clear their brand would not be passed on to any relatives because procreation "must be an act of love", but neither were able to love a woman.
Dolce said in the interview with Italy's Panorama magazine: "You are born to a mother and a father – or at least that's how it should be.
"I call children of chemistry, synthetic children. Rented uterus, semen chosen from a catalog."
Gabbana added: "The family is not a fad. In it there is a supernatural sense of belonging."
The Corriere della Sera interview came ahead of their Dolce & Gabbana exhibition in New York City on Friday night.