Borsalino insolvent

According to various news reports, Borsalino Giuseppe & Fratello S.p.A.is insolvent and will be liquidated after a court decision on Monday. Supposedly the brand is not affected.

A few years ago Hereas Equity acquired the now 160 years old company The purchase price was given at €20 Mill., and Hereas Equity claims to have invested €10 Mill. in sales and marketing.

The brand is famous worldwide, partially due to the classic movie with the same title. In Spring 2017 the Italian government issued a Borsalino postal stamp.

In May 2017, Heras Equity claims, to have bought back the Borsalino trademarks from a bank for €18 Mill. Prior those trademarks had been sold in a sale-leaseback transaction.

The total investment would have been €48 Mil., with annual revenues of ~€17 Mill.

According to Hereas Equity the production is in liquidation. The trademarks, sales and shipments are supposed to continue.