Italian hat maker Borsalino is looking at ways to stay afloat having run into financial problems.
Founded in 1857 by the eponymous family, Borsalino is one of a series of small Italian fashion houses that have strong brands but are short on the financial muscle and management skills to boost growth beyond a stagnating domestic market.
“The company is evaluating a series of options to address its financial difficulties and put it in a position to carry on business,” it said in an email, though it gave no further detail or reason for the financial issues.
Italian press reports said Borsalino, headquartered in the small north-western town of Alessandro, had already filed for Chapter 11-like creditor protection, but the company’s CEO Marco Moccia said no final decision had been taken.
In 2013 the company suffered a net loss of almost 22 million euros as revenue fell 11 percent to 13.6 million euros.
The company, whose stylish fedora felt hats and straw panamas are sold in upmarket fashion chains around the world, has nine of its own shops in Italy and two in France.
“There has been an increase in demand for products, overseas clients are still buying and dealers are not deserting the sales campaigns,” a spokesman said.
if it goes out of buisness who will ave that quality in a fedorah
$120,000 /4000 = $30
$120,000 /3000 = $40
$120,000 /3000 = $40
$120,000 /2500 = $48.
$120,000 /2000 = $60
$120,000 /1500 = $80
$120,000 /1000 = $120
Huge spread shop owners
for some reason this happens by purim what a coincidence! lol
i have worn a beret for years now. Water proof, shape retentive, affordable. They would have been very practical pre Gimmel Tammuz for shorties struggling to get a peek who only got to see hats. A pity!…
The article did not state that an 11% decrease of 22mm = 13.6 million. It is simply illustrating, poorly and without full context, that the 11% decline in revenue contributed (not wholly) to a 22 million net loss.
Revenue contributes to the net amount, but it isn’t the only item that factors into the net value. Perhaps the company’s costs increased while sales declined, causing an even greater net loss than the previous reporting year.
I hope this clarifies it for you. Be well.
SH
Worth millions in shaitels!
In 2013 the company suffered a net loss of almost 22 million euros as revenue fell 11 percent to 13.6 million euros
Could be that they were charging too little for them if demanded by the retailers, I would say the retailers were the ones making a huge profit. How much can it cost to make such a hat? $30, $40, $50. Do the math, the shops were probably making 200+ bucks on them!
this sounds like a good Purim joke.
LOL
They last years
hatters bought bors more than 20 years ago
Buy akubra
reasonable prices
rain and snow proof
trendy styles
Not to mention how many cows are slaughtered for the leather shoes. Sheep for the……….
iy”H, they will go bankrupt, and it will become socially acceptable to wear affordable hats.
BS”D great hats if it never rains
Worth millions in shaitels!
lower the prices and more pwople will be able to afford them as simple as it sounds
3000 shluchim x 250$ = 750 000 $
Now bocurim will be comfortable buying inexepensive fedora hats. Good by Borsalino, thanks for the memories.
Caption surely means to say $1,200,000 as in 1.2 million.
Maybe it’s time for the establishment of a Jewish company to develop a top quality fedoras for the Jewish market…
How can they go bankrupt when unzerer are prepared to pay $300 a hat?
how much did you say the hats worth in the Shluchim photo?
A PURIM JOKE!
THE REBBE WORE STETSONS ALSO!!!
Very funny !!!
maybe a frum hat wearer will buy the company and run it well and actually lower the prices !!!
better them, them all of us.
anyway, i doubt the “report”