The world’s largest fur trading platform, the 2015 Hong Kong International Fur & Fashion Fair, drew to a successful close on February 28. This year, the Fair received a total of US$160 million in orders, with Russia remaining the largest buyer, followed by China, the United States, Korea and Japan. These top 5 markets of Hong Kong’s fur export accounted for almost half of the total orders in this year’s Fair. USA and Korea performed especially well and recorded a growth of 14% and 43% respectively.

• Mr. Wilson Chiu, Chairman of the Hong Kong Fur Federation (HKFF), explained, “The US market is doing well this year. US buyers are active in buying, looking for value for money commodities, which Hong Kong has many on offer, as Hong Kong is a global hub for high-quality creative fur designs and distinguished manufacturing techniques. Cold weather in the country and strong economic performance are also factors facilitating fur sales.”
• Mr. Wong Yau Fai, Honorary Chairman of HKFF, pointed out that mink was the most sought-after fur product this year, whereas in terms of price, mid-range fur with a price tag of around US$1,500 were in strongest demand, a trend best demonstrated in the US market.

As fur fashion gains popularity internationally, Korea shows a high demand for fur garments. The remarkable increase in purchases from Korea this year, according to Mr. Chiu, is mainly due to popular fur fashion trend and cold climate in the country. The trend is further accelerated by celebrity effect as fur fashion is often featured in Korean dramas, making fur a winter outfit of choice in Korea.

Performance of Hong Kong’s biggest export market, Russia, showed a more cautious approach. This year, total order confirmed by Russian buyers is at US$26 million. Mr. Chiu explained that there were two warm winters in Russia in the past two years, according to Russian customers, stock level remained high. It was therefore expected that the buying power of Russian would be slack.

“Political instability and economic downturn in Russia also might have some negative impact, causing Russian buyers to play it safe when purchasing fur. However, business is expected to pick up as soon as the Russian market goes back to normal. The tense Russian-Euro trade relationship will also encourage trading between Russian and the Asian region including Hong Kong.” The local fur industry is confident the Russian market will bounce back with sturdy growth in the coming year.

• Mr. Wong further commented that in view of the popularity of mid-range fur products, furriers had made improvements in design and use of materials, so that the pricing of many items could be lowered to around US$1,500, appealing to a vast majority of customers. Traditional high-end markets like Russia and Korea still show an appetite for high-quality fur products, although orders have gone down to some extent. As for the Asian market, performance is stable with satisfactory sales recorded during the Fair.

As the market is getting more diversified and personalization has become a much valued attribute, mass-manufacturing identical items may not be able to meet consumer expectations. Personalized, customized merchandise is the way to go in order to cater for different consumer groups. No one likes to find herself dressed in the same as another person in the same occasion. Furriers therefore also took on a personalized approach instead of mass production. For example, each piece of garment in the same collection, using the same material, is designed to be different, so as to meet market demand for variety and uniqueness.

The 2015 Hong Kong International Fur & Fashion Fair accommodated 850 exhibition booths, with 280 exhibitors from 14 countries showcasing fabulous products and exchanging innovative ideas. Renowned as the most important fur trade event in the world, the Fair this year attracted buyers from over 30 countries. The 4-day exhibition brought together market-leading furriers and fur buyers from all over the world and is recognized as the world’s largest fur trading platform.