Luxury knitwear firm Pringle may close its manufacturing plant in the Scottish Borders with the loss of 80 jobs, the company said today.

Bosses are considering the closure in Hawick following a review.

The firm said it had to respond to a changing and competitive market and have informed workers and union representatives of the proposed redundancies.

Around 30 of the company's 110 Scottish staff would remain at the Hawick site in finance and customer services.

Chief executive Douglas Fang said: "We have to consider ways to improve the performance of the business and closure of the manufacturing operation at the plant is, very regrettably, something we must consider.

"Any decision to close the operation is not one we would take lightly, but due to changing customer demands and the competitiveness of the industry, we have to consider this possibility."

SC Fang & Sons took the company over in 2000. The family business is said to have invested up to £45 million over eight years.

Pringle is understood to have made losses of around £9 million last year.

Bosses are looking to continue using some Scottish products but move the manufacturing elsewhere, possibly Italy, where costs are up to a third cheaper.

Mr Fang said: "Our business model and our brand have changed dramatically over the years.

"The growth that we have achieved in other parts of the business has come from a much more comprehensive, ready-to-wear apparel collection and we simply must respond to the changing nature of the market.

"We are operating in an extremely competitive global market.

"We are determined to restore Pringle to its rightful position as a truly worldwide luxury fashion brand, but there are some hard decisions which may have to be taken for the long term development of the brand."

Founded in 1815 in the Scottish Borders, Pringle is one of Scotland's best known brands.

The company began producing hosiery and underwear before branching out to luxury knitwear.

Known for its famous Argyle pattern, Pringle said it sweaters have been worn by Madonna, Ewan McGregor and Scarlett Johannson among others.