In general, Borsalino went bad in the 1980s. Turmoil within the company and the sale of the company to family outsiders did it in. It moved from Allesandria to an Asti business park location and the stuff it produced from then on was way to expensive for the quality of the felt and workmanship. Simply put, take a 1940s to 1950s Borsalino and sit it alongside a modern Borsalino (one made after say 1986). You will not need to ask that question twice. Pay particular attention to the liner quality, sweatband, felt construction and shape. They just cannot make them the same anymore. Maybe the water in Asti has something funny in it.
I visited a hat shop in the spring wearing a vintage Borsalino and looked at the new ones selling for $265.00. It was like comparing a Ford Pinto to a Rolls Royce. The new on had felt that was thin (a Borsalino trademark) but was very porous, the old ones are thin but very dense. The stitching was sloppy and the liner was glued in. The sweatband was also a cheaper grade of leather. Like JP said when you compare them side by side there really is no comparison. And at the prices they ask for the new ones they should be a lot higher quality. I think it's more of a matter of not wanting to make a better hat than not being able to.
As Fedora's insightful comments on the actual costs on felt bodies and the other components in a hat show, they don't have that much invested in material, so they could certainly upgrade them and still make a profit if they wanted to.
Most of my hats are vintage, including a few Borsalinos. I know what folks are referring to; lots of modern Borsos are thin and porous, some can't handle rain, some have sweats that feel like cardboard. I have one hat like that, which I fortunately bought on e-bay for not too much.
But I also have a couple of modern Borsalinos that are nice hats. One, a black hat, has thin but dense felt (maybe a little fuzzy for some) a gorgeous maroon sewen-in liner with gold lettering pressed into it, a very nice, supple leather sweatband which is stitched to the hat body in the old way. I've worn it in the rain--it keeps its shape, it does not soak through and it does not run. I've rolled it up (not when wet), and it bounces right back. It was not cheap, by any means. But it is a favorite hat. I'll post pictures when I figure out how to work my partner's camera.
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