Another one bites the dust (Musto)

[iLens]

Musto has been bought by Helle Hansen - another great British manufacturer in foreign hands. (see here)

 

[sarabande]

That's frightening to see the chain of ownership and think how much money people have made by gambling on the company with money that isn't their own.

Helly Hensen is "majority owned by the Ontario Teachers’ Pension Plan, one of Canada’s largest pension funds. "

 

[Minchsailor]

Helly Hansen buys Musto

Less choice in an overpriced market?

www.cityam.com/274203/iconic-sailing-wear-brand-musto-sets-sail-helly-hanson

 

[Robert Wilson]

Re: Helly Hansen buys Musto

Well I hope HH continue to provide the excellent service and support I have been fortunate to receive from Musto

 

[Angele]

That's frightening to see the chain of ownership and think how much money people have made by gambling on the company with money that isn't their own.

Helly Hensen is "majority owned by the Ontario Teachers’ Pension Plan, one of Canada’s largest pension funds. "

Once any business outgrows the family ownership model, it is by definition gambling with money that doesn't belong to it. That is called capitalism.

 

[Resolution]

That's frightening to see the chain of ownership .........

Helly Hensen is "majority owned by the Ontario Teachers’ Pension Plan, one of Canada’s largest pension funds. "

Far more frightening to see the large number of pension schemes in this country that are either seriously under-funded or else completely rely on pension payments being made out of current contributions by today's young. Sooner or later the latter are going to decide to stop paying for us old f*rts and keep some for themselves. Who then will enforce yesterday's contracts?
We're doomed!

(But my Musto Country Jacket, bought in about 1987, is still fine and serviceable. Wonderful value for money. Thanks Musto.)

 

[RupertW]

Did they deserve to succeed as a business

They made stuff that was barely affordable, was rather moderately styled so didn't follow the high street fashion of that year but did the job and they claimed it was so well designed and made that it would last for many years.

And it did and never looked dated so people didn't buy often. That's a great service for a generation of sailors but it's not a long term business.

 

[pvb]

Did they deserve to succeed as a business

They made stuff that was barely affordable, was rather moderately styled so didn't follow the high street fashion of that year but did the job and they claimed it was so well designed and made that it would last for many years.

And it did and never looked dated so people didn't buy often. That's a great service for a generation of sailors but it's not a long term business.

Musto hasn't been a family business for at least the last 10 years. The family had a minority stake, the majority stake was held by Phoenix Equity Partners. The company has been losing money for many years and has big debts. Hopefully Helly Hansen have a cunning plan.

 

[TangaraToo]

Did they deserve to succeed as a business

They made stuff that was barely affordable, was rather moderately styled so didn't follow the high street fashion of that year but did the job and they claimed it was so well designed and made that it would last for many years.

And it did and never looked dated so people didn't buy often. That's a great service for a generation of sailors but it's not a long term business.

Don't forget they have a big (probably exceeds sailing) presence in the equestrian market.

 

[LittleSister]

They've been obviously been struggling ever since Musto & Hyde lost me from their employment about 45 years ago!

 

[bitbaltic]

Well I hope HH continue to provide the excellent service and support I have been fortunate to receive from Musto

+1 to that. Sent a c.7 yr old MPX jacket to them earlier this year for a damage repair fully expecting to pay a decent sum, came back beautifully repaired with a note that there had been no charge.

My day to day raincoat is something of similar age but much cheaper and is still as smart and functional as the day I bought it.

Have had good stuff from HH in past times but have nowhere the brand confidence in them that I have in Musto. Expensive yes but very much the best IMHO.

 

[NealB]

They've been obviously been struggling ever since Musto & Hyde lost me from their employment about 45 years ago!

Haha ... I left in about '75 (sorry for drift: I remember, among many others: Donald Forbes, Gerry Ledger, Hugh Bourne, Catherine Cross, Dave Felton, George in the stores, John Farrow, Bob Finn, Chris Henderson..... ).

 

[LittleSister]

They've been obviously been struggling ever since Musto & Hyde lost me from their employment about 45 years ago!

Haha ... I left in about '75 (sorry for drift: I remember, among many others: Donald Forbes, Gerry Ledger, Hugh Bourne, Catherine Cross, Dave Felton, George in the stores, John Farrow, Bob Finn, Chris Henderson..... ).

We may well have crossed paths! I can't remember precise dates*, or any of the names (apart from Keith Musto (as occasional visitor) and whatsisname Hyde) - I wasn't there long - but it was in an (ex RAF?) shed out at Rawreth.

*I think I remember Elton John's 'Rocket Man' playing on the radio while I was there, which (having looked it up) would make it 1972, though maybe later.

 

[Neeves]

We bought our current offshore kit in 1988/90 to compete in the China Sea races out of Hong Kong. We are now based in Sydney and still have the same kit. We don't wear it much. The climate in both locations demands protection from the sun rather than wet and cold. On the China Sea Races pyjamas were the best kit, light and 'relatively (for then), sun proof.

Musto and others simply do not cater for many who sail in warmer weather, which I assume covers an awful lot of the southern part of America, Oz, the Med, SE Asia and the Pacific Islands. It was mentioned on another thread, Snook's? - but just look at the ads for new yachts - no-one is ever shown wearing decent foul weather gear - yachts are built for the sun, not rain.

In fact our 'offshore gear' is horrendously warm - and we bought some lighter weight HH stuff some time ago. It does have its place - we wear the offshore kit in the winter and sometimes need it overnight.

It might have been expensive at the time but it is so well made and has so little use - it will outlast us,

Wrong business model If you manufacture to last a Volvo race, great - but for the rest of us - its excellent but overengineered.

I hope HH have a. very, cunning plan.

Jonathan

 

[Robert Wilson]

We bought our current offshore kit in 1988/90 to compete in the China Sea races out of Hong Kong. We are now based in Sydney and still have the same kit. We don't wear it much. The climate in both locations demands protection from the sun rather than wet and cold. On the China Sea Races pyjamas were the best kit, light and 'relatively (for then), sun proof.

Musto and others simply do not cater for many who sail in warmer weather, which I assume covers an awful lot of the southern part of America, Oz, the Med, SE Asia and the Pacific Islands. It was mentioned on another thread, Snook's? - but just look at the ads for new yachts - no-one is ever shown wearing decent foul weather gear - yachts are built for the sun, not rain.

In fact our 'offshore gear' is horrendously warm - and we bought some lighter weight HH stuff some time ago. It does have its place - we wear the offshore kit in the winter and sometimes need it overnight.

It might have been expensive at the time but it is so well made and has so little use - it will outlast us,

Wrong business model If you manufacture to last a Volvo race, great - but for the rest of us - its excellent but overengineered.

I hope HH have a. very, cunning plan.

Jonathan

So now you know why I wear Musto gear up here!

 

[Neeves]

So now you know why I wear Musto gear up here!

I did live there, well a bit further south, for 25 years! I well appreciate that our harsh winters in Oz are actually nicer than the best of your summers! So I do realise there is a market niche, but its really small!

As long as the Volvo, Vendee Globe et al are maintained there will always be a need for decent gear, which will support developments.

I reiterate

I plagiarise again, I hope HH have a, very, cunning plan (and keep that focus on important niche markets, North of Scotland and long distance performance racing!).

Jonathan

 

[wotayottie]

Musto has been bought by Helle Hansen - another great British manufacturer in foreign hands. (see here)

Have they manufactured anything in the UK? I thought it was all from the far east?

A family selling out of a successful business is very much the pattern in the UK, in contrast te Germany where the mittelstand (?) is built on family ownership. Build up a business, sell out, buy a country house and play the local squire. To the manor born

 

[Neeves]

Have they manufactured anything in the UK? I thought it was all from the far east?

I think its called China.

All, well nearly all, your anchors, anchor chain, come from China, except Knox (and Maggi) - and who supports Knox (Spade and Fortress) - its a sad reality,

Jonathan

 

[alant]

+1 to that. Sent a c.7 yr old MPX jacket to them earlier this year for a damage repair fully expecting to pay a decent sum, came back beautifully repaired with a note that there had been no charge.

My day to day raincoat is something of similar age but much cheaper and is still as smart and functional as the day I bought it.

Have had good stuff from HH in past times but have nowhere the brand confidence in them that I have in Musto. Expensive yes but very much the best IMHO.

HH seems to be well thought of on the US west coast.

 

[NealB]

We may well have crossed paths! I can't remember precise dates*, or any of the names (apart from Keith Musto (as occasional visitor) and whatsisname Hyde) - I wasn't there long - but it was in an (ex RAF?) shed out at Rawreth.

*I think I remember Elton John's 'Rocket Man' playing on the radio while I was there, which (having looked it up) would make it 1972, though maybe later.

We just missed each other.

I joined soon after they'd moved to the new site in Benfleet.

I remember Eddie Hyde well, and crewed for him on his quarter tonner several times.

All manufacturing, of both sails and the new fangled 'accessories', was in-house back then, of course. I don't think any of us then predicted the rise and rise of the accessories side (which was later hived off and become 'Mustos').

I still see Keith around Burnham, on occasion.