Despite the crisis, the Italian fur trade optimistically waits for growthThe negative trend recorded in 2014 persists also in 2015 with a drop in garment manufacturing (-8.5%). As regards buyers, the weight of designer labels is stable and the number of apparel brands grows to the detriment of those specialized in fur.

Mar 25, 2016
Posted in: , Market News

The negative trend recorded in 2014 persists also in 2015 with a drop in garment manufacturing (-8.5%). As regards buyers, the weight of designer labels is stable and the number of apparel brands grows to the detriment of those specialized in fur.

Studio-Pellicceria-2015-italiano-PRESS-9The latest study conducted by PricewaterhouseCoopers for AIP (Italian Fur Trade Association) points out that in 2015 the value of manufacturing recorded a drop of 8.5% in garment making caused partly by the persistent decrease in exports towards important target countries for Made in Italy like Russia and Ukraine (-34% and -30% YoY) and partly by a decrease in the average leather prices, in particular in Russia (e.g. 4% drop in sable) despite the slight 4% and 13% growth at the auctions of Helsinki and Copenhagen respectively. The prediction for 2016 is that garment manufacturing will further decrease (-10.0% YoY) and it will be possible to observe this trend also in wholesale and retail (-11.2% and -11.3% respectively).
Wholesale sales recorded a more marked decrease in 2015 (-3.8%) – after the slight -1.9% drop in 2014 – because of the fewer exports towards key countries like Russia and Ukraine. In 2015 the Italian production quota destined to export reached 35% in value, with a drop in comparison to 2014 (2pp). In 2015, the 13% drop in export over the previous year was due to the decrease in imports of luxury and fur products on the part of China/Hong Kong (of 14%, anyhow), Russia and Ukraine. Other countries, like the U.S. (15%), France (13%) and Japan, instead, keep on increasing fur imports from Italy.
Fur products (garments, accessories or inserts) are made by manufacturers specialized in this industry, mainly for their own brand (40%) or designer labels (48%) and residually for other apparel brands. The increasing weight of designer labels denote a change in the way fur is conceived, as it is increasingly linked to the world of luxury and fashion trends in general.
After the drop of 2012, the retail sales show stable values around 1,100 million euros. Fur keeps on being a high fashion item and appearing on the catwalks of important designers. In the 2015-2016 season color and fantasy collages stand out, together with more modern cuts. There is also a nostalgic reference to past and tradition, but fur is increasingly establishing itself as a product capable of modernizing. The classic long fur coats are giving way to short ones (dedicated to younger consumers), which in 2015 represented 60% of manufacturing; 20% is represented by accessories and inserts.

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