Malo spring/summer 2017

Malo is in trouble again.

The Tuscan cashmere firm, which was affected by the bankruptcy of its parent company IT Holding in 2009, is facing another difficult phase.

According to Alessandro Picchioni, representative of the Filctem trade union, Malo is facing both a financial and industrial crisis caused by a lack of investments from the Russian private investment fund, which bought the brand in 2015 from Tuscan luxury retail group Evanthe. Details regarding the owners were never revealed.

“Since the arrival of the new owners, the company’s turnover halved,” said Picchioni, who also added that a part of the orders won’t be delivered due to a shortage of yarns. “Some of the company’s suppliers are refusing to work with Malo or demanded to be paid in advance.”

Picchioni said that the trade unions will meet representatives of the company at the Tuscany region’s headquarters on April 13.

“They promised us they will show an industrial plan, even if we doubt they will be able to present a credible one,” said Picchioni, who highlighted that Malo’s employees will be on strike on Tuesday.

The brand is designed by an in-house creative team, headed by Giacomo Canessa. The cofounder of the company, which he established in 1972 with his brother Alfredo, Canessa returned to Malo in 2016. Alfredo Canessa died in 2009. Over the years, Malo was designed by the likes of Tommaso Aquilano and Roberto Rimondi, Alessandro dell’Acqua and Saverio Palatella.

Malo operates a range of mono-brand stores in key locations, such as Milan, Rome, Los Angeles, Miami, Moscow, Seoul and Tokyo, along with boutiques in the most prestigious international beach and ski resorts, including Courmayeur, Forte dei Marmi and Porto Cervo.

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