Italy Cashmere Brand Malo Has Been In Crisis Again After A Long Time Of Vicissitudes.

After experiencing a series of changes, Italy luxury Huashan cashmere sweater brand Malo has encountered new problems.

Malo's parent company IT Holding went bankrupt in 2009. In October 2010, Italy's luxury retail group Evanthe took over Malo, when the purchase price was between 8 million and 10 million euros.

Now Malo has another problem.

In 2015, a private investment fund in Russia completed the acquisition of Malo from Evanthe, a luxury retail group. Details of the paction were never disclosed.

Filctem trade union representative Alessandro Picchioni said that Malo is now in a dual economic and industrial crisis because the Russian private investment fund is not enough to invest in the brand.

Alessandro Picchioni said: "after being acquired, sales of Malo were reduced by half.

Some orders cannot be delivered due to insufficient yarn.

Some suppliers of Malo require them to pay in advance, otherwise they will refuse to cooperate with them. "

Alessandro Picchioni said that the trade union will meet with its representatives at the headquarters of Malo Tuscany in April 13th.

Alessandro Picchioni said: "they promise to put forward an industrial plan, but we doubt whether they can present a credible plan."

Alessandro Picchioni stressed that Malo employees would go on strike on Tuesday.

The company was founded by Giacomo Canessa and his brother Alfredo Canessa. Giacomo Canessa reopened in 2016, and its parent company, Alfredo Canessa, died in 2009.

Last summer, Malo opened 3 flagship stores (1 of which are located in St. Tropez, France, and the remaining 2 are in Moscow).

In addition, Malo has stores in Italy, France, Spain, Russia, Japan, Korea and the United States.