Promising Fur Trade at the Hong Kong International Fur & Fashion Fair Outperforms Economy

The Hong Kong International Fur & Fashion Fair which concluded recently on February 28 was a bustling bazaar for industry players, with the venue flooded with animated visitors, as well as busy exhibitors swirling around fully-occupied tables in their booths where buyers awaited to enquire about order placements.

The four-day event attracted 5,575 local and international buyers – a leap of 19% compared to last year. China, Korea, Russia, Japan and the US were the top-five visiting countries respectively, with Russia showing the most dramatic increase of 61%. Indeed, many Russian buyers made their debut visit to the Fair with the visa-free policy to Hong Kong taking effect last July.

Besides a solid contingent from China, Korea and Japan, there was also a return of more normal presence of US buyers. The total confirmed on-the-spot orders received amounted to US$133 million, an encouraging growth of 67% over last year.

“We are indeed thrilled by the buyers whom have flocked in from around the world; their desire to purchase is very strong – thanks to the cold winter which had boosted fur sales in most export markets last year. Their stocks have become so low that they must refresh their depleted inventories,” enthused Mr. Wong Yau Fai, Chairman of the Hong Kong Fur Federation.

Also exhibiting at the Fair, Mr. Wong noted many Russian and Ukraine buyers were back looking for medium-priced fashion items, while many mainland reputed brands with extensive retail network were around hunting for prime quality fur apparel.

“With the overwhelming response from worldwide buyers, I can say the worst influence from the financial crisis was gone,” continued Mr. Wong.

Mr. Timothy Everest, spokesman of the Hong Kong Fur Federation as well as exhibitor at the event, shared the same sentiment and further noting that the fur trade had outperformed the recovering economy.

"Basically we have met with the same spread of buyers, and the quality of buyers is terrific this year. The Russian buyers are incredible, placing orders aggressively, and there are as well many Korean buyers from the fashion industries," noted Mr. Everest.

"Despite of the fairly steep price increase over the previous year (mink prices have gone up by 30% - 40%), business was sealed even on the first day, underscoring that last year’s prices were simply too low and fur prices are still reasonable in the overall fashion scene. And in fact, the increase of fur price is advantageous to Hong Kong because even with an increase of 50%, the price in Hong Kong is still cheaper than Italy last year," explained Mr. Everest.

Mr. Everest further added that visiting buyers no long just opted for mink, but for more fashionable fur varieties which they usually bought in Milan, illustrating that the Hong Kong International Fur & Fashion Fair had indeed become a one-stop shop for global fur buyers.

As one of most influential exporter of superb fur products, Hong Kong is not only reputed for its distinctive workmanship but also for its design novelty which offers buying clues for the next seasons. Ms. Fiona Dieffenbacher, from Parsons The New School for Design, was impressed by many outstanding Hong Kong manufacturers which showcased their fresh and exciting, yet not overdone collections.

"While some manufacturers explore the innovative use of knit techniques and successful mixing of fabrics with fur in new and stylish silhouettes, others give a new twist to classic styles with the implementation of inspiring prints, all spoiling fashion-forward customers with plenty of choices," observed Ms. Dieffenbacher.

Undoubtedly, the Hong Kong International Fur & Fashion Fair is now the hottest hub for international fur traders. Making their presence at the biggest-ever event where over 270 local and overseas exhibitors from 16 countries and regions.

"We are pleasantly surprised by the international clientele we are receiving at this event and they have been very active placing orders. Buyers from many countries are coming back, specifically Russia, and we keep building up our contacts in China," said Mr. Miguel Cruz of Jonevon Furs Ltd. from New York.

Exhibiting at the Hong Kong International Fur & Fashion Fair for the third time, Mr. Cruz noted that it was essential to reach out to the world nowadays. "Right now one can’t be one thing in one place; that is why we come to Hong Kong where everyone does because there are many happenings of the fur trade going on here," highlighted Mr. Cruz.

Dr. Barbara Sixt, representative of the German Pavilion which led a delegation of 13 companies, agreed that Hong Kong was now a world-class fur trading hub which no one would miss.

"We consider the Hong Kong International Fur & Fashion Fair a leading fair which we need to be in as it converges all global industry players. Fur always follows the market, and now the markets – Russia and China are in this part of the world; that is why Hong Kong plays such an indispensable role on the international fur stage now," noted Dr. Sixt.

Among the German delegates comprising of fur dressers, fur pelts dealers as well as fur apparel and accessories manufacturers was Mr. Leonhard Hofstetter of Leonhard Hofstetter e.k.

"We have been here for the third year and this is a fruitful year for us. We have achieved unexpected result selling a lot of fur plates and apparel to customers from all countries, with the major hailing from Korea and China," Mr. Hofstetter noted.

Mr. Wong, Chairman of the Hong Kong Fur Federation was delighted to conclude that the enthusiastic feedback from the Fair’s participants demonstrated the charisma of Hong Kong as the world’s leading fur centre.

The next Hong Kong International Fur & Fashion Fair will be held from February 25 to 28, 2011 at the Hong Kong Convention and Exhibition Centre.

Fur Industry Resource Center