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Eastern European Markets

NEWS RELEASE
March 23rd, 2009


Dollar’s sudden drop and Russian buyers’ caution evident in fur auction

Fox pelt sales at Finnish Fur Sales’ auction that opened yesterday and will close on 27 March were a disappointment, says the company’s Managing Director Pirkko Rantanen-Kervinen. The sudden sharp weakening of the US dollar right before the auction increased uncertainty in the market, and Russian buyers, who purchased 60 per cent of the fox pelts sold by the company last season, were more cautious than expected.

More than 82,000 Silver fox pelts, over 30,000 various mutation fox pelts and almost 38,000 Finnraccoon pelts were offered for sale today. Prices fell by 5 to 15 per cent over the company’s previous quotation in January. Although all the pelt types offered for sale today are widely used in fashion collections, pelt purchases are being postponed because garment orders have also been postponed. Biggest purchases were made by buyers from Turkey, Italy and Hong Kong/China.

Silver fox pelts were 80 per cent sold, and prices for the highest grade pelts decreased only by the same amount as the US dollar weakened. The selection of mutation fox pelts was around 40 per cent sold. The majority of the offering of 23,000 Golden Island fox pelts was left unsold in order to protect the price level. The offering of Finnraccoon pelts was 75 per cent sold. Detailed price information is available on the company’s website at www.ffs.fi

Finnish Fur Sales’ auction, one of the largest of the financial period that began on 1 September 2008, continues tomorrow with the sale of Blue Frost fox and Blue Shadow fox pelts. A total of 450 buyers from all market areas are attending the auction.

For further infomation
Päivi Mononen-Mikkilä
Director of Communications and CSR
tel. +358 (0)50 512 0322

http://www.ffs.fi


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