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Canadian fur industry back on track

05
May '10
The fur industry in Canada, subsequent to the dampening effects of recent global economic slump is now coming back on track.

Alan Herscovici, Executive Vice-President of the Fur Council of Canada stated that, while the previous year was quite dreadful for luxury products, currently, the industry has regained the vigour and is rejuvenating. The spin is observed in the historic prices for mink which Herscovici referred to as standard fur at the recent North American and European auctions.

He said that, there has been a hike of 30 percent in the prices of fur and it is now traded at the same price. Moreover, Canada is known for its traditional wild fur, but according to Herscovici, the trade follows price trends of mink.

But as the mink prices have declined, it has come under pressure, he said. During the previous year, recession brought down the overall exports of Canadian fur to $335 million from $430 million recorded in 2008.

The escalating prices are mainly attributable to the superior international branding and the fact that fur is one of the key choices for the spring designer shows.

He also informed that, a branding and promotional endeavour devised and launched together by the Fur Council and the Canadian Fur Trade Development Institute, two years back is also generating returns.

The fur trade while employing over 65,000 persons brings in over $800 million to the Canadian economy, each year.

Fibre2Fashion News Desk - India


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