Glamour and luxury are what one expects from Italian fashion duo Dolce & Gabbana, and when Stefano Gabbana set about designing his 51m Codecasa motor yacht Regina d'Italia, he didn't hesitate to indulge his reputation.

Described by seafaring aficionados as "the most extraordinary yacht afloat", it boasts glittering finishes, rich furnishings and artworks that reflect the flamboyant designer's style.

"The boat is named after my grandmother: I was deeply fond of her. The 'Italia' is a tribute to my country," says Gabbana. Although the name is stately and historic, the vessel itself is only a year old, and it has made just a few voyages in the waters of the Mediterranean.

"I love the colours and cultural traditions of the Mediterranean; it is one of the main sources of inspiration for Dolce & Gabbana. The quiet beaches of Sicily and Greece are a particular favourite, but as Regina d'Italia is berthed in Portofino, which is easily accessible from our offices and my home in Milan, I can escape when work allows and take shorter trips around the Italian coast. I really find freedom here. I get a more relaxed view of the world and can happily spend days at sea without ever having to set foot on land." Gabbana bought the yacht as a shell and worked on the lavish interiors with Rome-based design firm Lazzarini Pickering. Teak floors and decking were laid throughout and the walls are mostly clad in eel-skin shagreen. "I wanted to achieve a sense of continuity between the inside and outside areas," says Gabbana. Where shagreen hasn't been used, equally exotic shantung (a heavy silk), velvet and python skin are hung.

Gabbana's cabin on the main deck has a large walk-in dressing room equipped with custom-made coat hangers. There is also a gym and two bathrooms, each with gold-veined marble and gold fittings ­ the hot and cold taps being distinguished by studs of blue sapphires and red rubies. The centrepiece of the main room is a king-sized bed covered with an oversized honey-coloured mink throw which laps on to the polished teak floor. Over the bed is an electrochromatic skylight that darkens as the sunlight intensifies but which allows the bed's occupant to gaze at the stars at night.

There are four guest rooms on the lower deck, including Domenico Dolce's cabin, which has walls trimmed with gold python skin and a bed swathed in a leopard-print throw. "Leopard print is like a colour for us, it is our signature," says Gabbana. Over the bed is a painting by Marco Perego, an Italian artist based in New York.

Each of the guest rooms is named after an animal ­ elephant, rhinoceros, crocodile and giraffe — denoted by a sculpted door handle. These rooms either have beige walls with black ceilings and brocade bed covers or are decorated with the same colours applied in reverse.

Mirrors, shining surfaces and even the lacquered blackness of the afterdeck lounge and upper saloon all help to create the feeling of space. To counteract the darkness of the main saloon, Lazzarini Pickering introduced a long strip of glass that runs along the ceiling so that sunlight reflects off the surfaces. This lifts the ambience of a room which might otherwise be gloomy during the day.

The main saloon houses an impressive collection of artefacts and artworks. A pair of painted 18th-century wooden Venetian Moors stands guard in front of two mirrored columns and a series of individually decorated, velvet and damask-upholstered baroque chairs surround the dining table. "I really love art," says Gabbana. "I'm very curious and collect pieces from different ages and styles.

I like anything that arouses my emotions. On board, as in my houses, I like to mix modern and classic masterpieces." The walls are hung with two portraits of Marilyn Monroe by Mimmo Rotella, a limited-edition plate by Luciano Fontana and a monochrome picture by Keith Haring. Among the furniture is a Piero Fornasetti table and a smooth steel chair by Ron Arad, which adds a glint of silver amid the abundance of gold.

The exterior of the boat is a little more restrained. The silver-grey paintwork of the streamlined hull emphasises its blade-like lines, and the theme of black is carried through from the interiors to the sundeck's chairs and cushions. On the upper deck an oval black Corian table can seat up to 12 for alfresco dining.

Surprisingly there is no spa tub or pool. "I think it is ridiculous to sit in a tub of warm water when you have the whole ocean to swim in," says Gabbana. "Although I was born and raised in Milan, I love the sense of freedom that the sea provides."

Times recommends

• Second homes: credit crunch casualty or money-spinner?
• How I built my own sliding house
• Top 10 incentives for house buyers