HATS off, Bogie. The traditional Italian hat maker Borsalino, whose fedora has defined the rough-and-tumble images of American movie stars such as Robert Redford, Frank Sinatra and Humphrey Bogart, has a plan to appeal more to women and millennials by pushing into high-end fashion, streetwear and even sportswear. The recent troubles of the company, which has been rescued financially by a private equity fund, underline the difficulties facing Italian companies not only fashion brands seeking scale to stay competitive and grow in the age of globalisation.

The 162-year-old hat maker, arguably Italy’s oldest fashion brand, was founded in the city of Alessandria by Giuseppe Borsalino, whose family sold control decades ago. By the time the Swiss-Italian private equity firm Haeres Equita was approached about investing in 2015, the company had been mismanaged and bled dry by the previous owner.

It had fallen out of many of the world’s big-name department stores, supplying mostly hat-making shops and not keeping pace with fashion trends. Camperio’s first step was to take over the historic factory and submit a business plan to bankruptcy court. Still, the business plan was rejected more than once as the courts sought better deals for creditors. “Eventually we settled,” said Camperio. “We have the intention of relaunching this brand.”

Borsalino’s hats are handmade by 80 workers, many of whom have worked at the factory for decades. Borsalino’s original machinery uses hot water and steam to transform rabbit fur into highly prized felt that is then dyed and moulded. A felt fedora can take weeks to finish. To relaunch Borsalino, Camperio has brought in a team of fashion experts, including former Gucci CEO Giacomo Santucci. The expansion plan foresees selling more in the US and Asia and developing new collections to appeal to younger generations and to women. “Borsalino should be the leader of the hat business,” Santucci said. “The power of the brand is going to stay forever.”

Published in Dawn, February 18th, 2019