MILAN — Malo’s employees are continuing their protest against the company. The Italian cashmere specialist, in order to contain its financial and industrial crisis, is aiming at cutting 58 jobs across its factories in the Campi Bisenzio, close to Florence, and Borgonovo Val Tidone, in the Emilia-Romagna region.
According to a statement released by the CGIL trade union in Florence, the employees will organize a strike on May 15 in front of the company’s flagship on via Montenapoleone. This follows a series of previous strikes over the last few weeks.
Along with fighting against the layoffs, the employees are lamenting a lack of investments by the private fund that bought the brand in 2015 from Tuscan luxury retail group Evanthe.
The investments were pegged at 20 million euros, or $22 million, over the next 18 months. This is a sum that the trade unions consider too modest to relaunch the brand.
“Since the arrival of the new owners, the company’s turnover has halved,” Alessandro Picchioni, representative of the Filctem trade union, told WWD in March. He also said 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 demand to be paid in advance.”
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 monobrand stores in key locations, such as Milan, Rome, Los Angeles, Miami, Moscow, Seoul and Tokyo, along with boutiques in international beach and ski resorts, including Courmayeur, Forte dei Marmi and Porto Cervo.