Bank ills dim retail prospects

SANDY PARKER REPORT, VOL. 32, ISSUE 29, SEPTEMBER 22, 2008
The following extract is reproduced with permission from Sandy Parker Reports, Weekly International Fur News. Sandy Parker has been covering the fur industry for more than four decades. For most of that time he has published a weekly newsletter, detailing results of international pelt auctions, wholesale price trends, business developments and movements in the trade, as well as economic and political activities that may impact on it.
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International Fur News
with Sandy Parker
Bank ills dim retail prospects
AS FINANCIAL MARKETS AROUND THE WORLD CONTINUE TO SHOW INSTABILITY, retailers of fur and other luxury items are exhibiting increasing concern over prospects for the approaching holiday shopping season. The situation has already taken a toll on a number of major U.S. banking and brokerage institutions in the form of bankruptcies, government bailouts and forced mergers and the ripple effects are only beginning to surface. But the upheaval also means that consumers of lesser means or with lower credit ratings will find it even tougher to get loans or credit, thereby cutting into their spending.
But while consumers in the Western world may be pulling in their belts, the impact on the East has been relatively minor. China’s financial markets, for example, because of the country’s huge reserves of foreign currency, have been pretty much insulated from the troubles across the Pacific.
THAT THE CHINESE – AND RUSSIAN – FUR TRADE IS CONFIDENT of its prospects in the season ahead was amply evident at the recent Copenhagen sale and again at last week’s auction in Helsinki. At neither event was there any sign of concern over the turbulence in the financial markets. China again was the dominating force at both sales, with strong support from Russia and its Greek and Turkish representatives. Both mink collections, totaling over 5 million pelts, were completely sold at prices that were mostly firm to stronger than June levels. Thus, while the traditional Western markets may be a bit nervous and not be in a position to keep the props under the fur trade, the job apparently is being done by China and Russia.
The final report from Kopenhagen Fur showed that the results were even better than first indicated. The six-day sale moved a total of 4.1 million mink at prices that averaged 23% above June levels.
IN THIS ISSUE:
Bank Ills Dim Retail Prospects
Holiday Shopping Seen Affected
Impact Is Called Globe-Wide
But Mink Prices Still Advance
China, Russia Are Main Props
For extracts from back issues of Sandy Parker Reports see News Index. Subscribers can access an archive of complete issues at www.sandyparker.com.
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