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Pandemic leads to 25% decline in global fur trade value

  

As per a new study by the University of Copenhagen, the pandemic led to 25 per cent decline in the value of global fur trade to $20.1 billion in 2020. According to Business of Fashion, lockdowns and travel bans disrupted supply chains and retail sales of fur clothing and accessories last year, while a COVID-19 outbreak on mink farms in Denmark led to a mass cull, effectively ending the mink-fur farming industry for the world’s largest producer of the material.

While the pandemic eradicated 25 percent of global production and 30 to 35 percent of the global trade of raw mink skins, the Danish mink cull did not have any significant impact on retail sales last year, according to the study.

However, despite the ‘significant’ negative impact of the pandemic, the report predicted disruptions caused by COVID-19 will likely prove temporary and have little impact on longer-term industry trends.

 
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