Borsalino Facing Financial Crunch

WWD

MILAN — Despite worldwide brand awareness, Borsalino is facing financial troubles.

“We are evaluating various options to face our financial difficulties and to make the company able to continue operating,” said Borsalino chief executive officer Marco Moccia. “We haven’t taken any decisions yet.”

Details about the issues at Borsalino were not made available by the company, but, according to Italian media reports, 70 percent of Borsalino’s capital is controlled by banker and investor Marco Marenco, who is wanted by the Italian police. Marenco is allegedly accused of bankruptcy fraud related to a major crackdown in the gas business and his assets, including his shares in Borsalino, have been confiscated.

It is understood the most likely solution is that the company will fill a petition for a composition with creditors to avoid bankruptcy.

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