Sunday, May 10, 2015
Italian Businessman Steps In As White Knight To Save Borsalino
Italian businessman Philippe Camperio is spearheading efforts to rescue troubled luxury hat maker Borsalino after it lost millions of euros in 2013, the company said on Wednesday, Reuters reported. In March the hat maker, which has helped clothe politicians, celebrities and movie stars the world over, said it was looking at ways to stay afloat after running into financial straits. "While there's still a lot of work to do, we are committed to tackle all the challenges and help conserve and further transform this famous Maison into a global brand," Camperio said in a statement issued by Borsalino. Camperio, co-founder of private equity Quest Partners, is the main shareholder of Haeres Capital which on Tuesday signed an agreement with Borsalino to relaunch the company and save the jobs of its 110 workers. Borsalino said it would draw up a plan to be presented in chapter 11-like proceedings under which Haeres would guarantee creditors and become the owner of the company. Haeres, a private equity investment company with real estate and luxury assets, had not revealed financial details of the deal, Borsalino said. The company, founded in 1857, is one of a series of small Italian fashion houses that have strong brands but lack the funds and skills to grow outside a stagnating domestic market. In 2013 it posted a net loss of almost 22 million euros ($23 million) as revenues fell 11 percent to 13.6 million euros.
Thu., May 7, 2015