MILAN — Malo is on the block.
During a meeting Thursday with trade unions, the company said an adviser has been tapped to find a buyer.
Malo is going through a financial and industrial crisis, which led the company to reveal in May its decision to cut 58 jobs across its factories in the Campi Bisenzio, close to Florence, and Borgonovo Val Tidone, in the Emilia-Romagna region.
The company is currently controlled by a private fund, which acquired the brand in 2015 from Tuscan luxury retail group Evanthe.
According to a statement released by the CGIL trade union in Florence, the owners, along with the adviser, the trade unions and a representatives from the Tuscany region, will meet again on July 10.
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 has been designed by the likes of Tommaso Aquilano and Roberto Rimondi, Alessandro dell’Acqua and Saverio Palatella.
Malo operates a string of monobrand stores in key locations, such as Milan, Rome, Los Angeles, Miami, Moscow, Seoul and Tokyo, along with boutiques in leading beach and ski resorts, including Courmayeur, Forte dei Marmi and Porto Cervo.