Malo deals with new financial difficulties

Tuscan firm Malo recently has revealed some upcoming financial issues. The cashmere company seems to be heading towards a few new obstacles in the near future.

After facing a bankruptcy filing of its parent company IT Holding a couple of years ago, Malo is facing new financial struggles. The crisis at hand comes from a lack of investments currently from Russian private investment fund, which bought the company from luxury retail group Evanthe. Giacomo and Alfredo Canessa, founders of the knitwear label, now have to deal with the new financial problems head-on to make improvements. “Since the arrival of the new owners, the company’s turnover halved,” Alessandro Picchioni, representative of the Filctem trade union, told WWD. Additionally, the company is facing issues trying to pay its suppliers. “Some of the company’s suppliers are refusing to work with Malo or demanded to be paid in advance, Picchioni told the publication.

Malo currently has stand-alone stores in Los Angeles, Miami, Tokyo, Milan, Rome, and other locations worldwide. While the company currently has boutiques all over the country, there’s no telling what may happen to its locations in the future with this new impending monetary struggle. According to WWD, Malo employees could be on strike as early as Tuesday, March 28 because of these issues. However, at the moment, there is no disclosed public statement on the company’s status.