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Fur industry witnessing a boom globally

"A recent report by the International Fur Federation (IFF) states estimates global fur retail at around $40 billion, largely due to the sustained demand in Asian markets, including the Chinese mainland, Japan and South Korea. Meanwhile, challenges such as volatile pelt prices owing to the slow recovery in demand in excess of stock depletion remain headaches to fur farmers and traders. Reflecting a general preference among designers such as Marc Jacobs, Mulberry and Balenciaga in the luxury goods sector, fur continues to be a major design story in fashion shows all over the world."

 

Fur industry witnessing a boom globally 001A recent report by the International Fur Federation (IFF) states estimates global fur retail at around $40 billion, largely due to the sustained demand in Asian markets, including the Chinese mainland, Japan and South Korea. Meanwhile, challenges such as volatile pelt prices owing to the slow recovery in demand in excess of stock depletion remain headaches to fur farmers and traders. Reflecting a general preference among designers such as Marc Jacobs, Mulberry and Balenciaga in the luxury goods sector, fur continues to be a major design story in fashion shows all over the world.

Farmed furs are the mainstay of the fur trade, accounting for some 85 per cent of the industry turnover according to IFTF. The most common farmed fur-bearing animals are minks and foxes. Most fur farming takes place in Denmark, followed by China, the Netherlands, the Baltic States and the US. The majority of raw skins produced by fur farmers and trappers are sold through modern international auction houses, often located close to producing areas. The world's largest fur auction houses are in Copenhagen, Helsinki, St. Petersburg, Seattle and Toronto.

Hong Kong industry

Hong Kong, one of the world’s third largest fur clothing exporters, is a major source of quality fur garments andFur industry witnessing a boom globally 002 accessories. Majority of Hong Kong’s furriers have set up production facilities on the Chinese mainland amid higher production costs in Hong Kong. Hong Kong’s fur clothing exports increased 3 per cent in the first five months of 2018, after 7 per cent growth in 2017. The Chinese mainland is the largest market for Hong Kong's exports of furskins, accounting for 49 per cent of the total exports in the first five months of 2018. A large proportion of Hong Kong’s furskin exports are re-exports from overseas to the Chinese mainland for fur clothing production there.

After seeing a 7 per cent growth in 2017, Hong Kong’s fur clothing exports expanded further 3 per cent in the first five months of 2018, a low base. Taking up almost two-thirds of Hong Kong’s fur clothing exports in the first five months of 2018, the EU, South Korea and Canada were the three leading export markets of Hong Kong's fur clothing.

Catching on designers’ attention

Designers focus more on details of designs or collections by incorporating more colourful, bold-toned and graphic elements, rather than making use of large pieces of furs to attract eyeballs. Designers are also experimenting with colourful shades and innovative flourishes. Examples include the avant-garde combination of down feathers, fur, embroidery and fashionable elements. Yet vintage designs such as retro-inspired silhouettes are still prevalent. It is important for the fur trend to move from a cold-climate utility into a more metropolitan fashion market. Short fur coats and fur shirts with subtle trimming have become a leading trend. Added to this, the business of fur restyling and alteration has also seen decent growth in recent years, when consumers have tightened their budget and preferred alteration to new purchase.

The popularity of fur accessories increases in line with the availability of new techniques in fur manufacturing. For instance, new techniques allow designers to customise furs into different shapes such as diamond, window and octopus. Nowadays, fur has become increasingly dexterous, durable, soft and versatile, thanks to the new and advanced processing and dyeing techniques. Therefore, fur, as another flexible garment fabric, can be cut into silhouettes and dyed in fashionable colours for designers and manufacturers to work on.

Ethical sourcing

An increasing number of people want to make sure their purchase comes from a source where ethical standards are in place. Catering to this trend, fur trade is phasing in a voluntary labelling programme, the Origin Assured Label or OA™, which informs customers about the origins of the products and local regulations or standards governing fur production. Given further enhancement of the regulations on environmental conservation and animal protection, fur which is biodegradable and less polluted in the production process is increasingly considered a sustainable material. In the meantime, recycling fur has started to grab attention of producers and consumers.

 
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