The 2017 Hong Kong International Fur and Fashion Fair, world’s largest global fur trading platform, drew to a close on 18 February. The Fair concluded with US$139 million of confirmed orders, a growth of 20% over last year. The Fair witnessed a turnaround in this year’s global fur market, with a sharp rebound in demand. Product popularity has shifted to favor fashionable items, a positive sign for the always creative Hong Kong fur industry.
Exhibitors reflected that business was above expectation, all markets recorded a growth comparing with last year. The exhibitors from overseas were particularly pleased with the result. Some of them generated multiple business increase and had indeed enjoyed a rewarding Fair in Hong Kong.
Mr. Henry Sun, Chairman of the Hong Kong Fur Federation (HKFF) says that the increase in Russian buyers this year is attributed to the rise of the rubles and oil price after the US presidential election. Cold weather in the USA, Europe and Japan last year has helped to clear local inventories and so buyers need to replenish stock in this exhibition.
However, buyers are still cautious as the market is just beginning to rebound, Mr. Sun adds, and buyers tend to buy more varieties but in lower volumes. He expects that turnover and export volume this year will rise approximately 20%, following the market trend. Mr. Sun explains that last year was the worst time for the fur industry, with negative factors like US election, poor Russian economy, warm winter in many countries etc. delaying orders from buyers and resulting in a drop of 30% in export volume and 28% in export value.
- Mr. Wong Yau Fai, Vice-Chairman of HKFF, is also optimistic about upcoming business. He says that there is 30-40% year-on-year increase in the sales of sable, a relatively high priced type of fur. He sees higher desire to purchase owing to a number of reasons: cold winter, diminishing stock level and the rubles exchange rate. Some buyers even doubled their orders. He believes this year will see a sharp rebound from the all-time low of the previous year, with business expected to surge at least 30%.
- Mr. Wong further comments on the fur trend. The major markets such as Russia, Eastern Europe, US and Japan are very active and there are plenty of new buyers whose preference differs from traditional styles. They favor fashionable items like short jackets and sporty casual wear, showing that the fur market is constantly developing.
The mainland market is so large and diverse that many buyers wish to look for something special, a favorable condition for Hong Kong fur manufacturers who have always been strong in creative design and high-end product development, he adds.
- According to Mr. Timothy Everest, Director of HKFF, the fur industry has experienced a difficult 2015 caused by high stock level. While 2016 was a year of recovery, he is optimistic about 2017. Mr. Everest remarks that with the growing interest in longer-haired products which are relatively lighter, prices of shorter-haired fur dropped but it is expected to rebound 50% by September.
The 2017 Hong Kong International Fur & Fashion Fair housed 580 exhibition booths, with 210 exhibitors from 13 countries showcasing fabulous products and exchanging innovative ideas. The exhibition brought together market-leading furriers and major fur buyers from all over the world and is recognized as the world’s most important fur trading platform. It attracted more than 4,200 buyers from over 30 countries this year.