Hong Kong orders down sharply

SANDY PARKER REPORT, VOL. 31, ISSUE 4, MAR. 12, 2007
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
Hong Kong orders down sharply
ORDERS PLACED AT THE RECENT HONG KONG INTERNATIONAL FUR & FASHION FAIR dropped sharply in terms of both value and units, reflecting the overstocked conditions in key markets as a result of the mild winter. Attendance at the four-day event also declined more than 30% from that of a year ago, with steep drops in the numbers of buyers from all the leading markets.
Although wholesale garment prices were down substantially from year ago levels, buyers apparently were more concerned about the amount of stock they already owned and not looking to add to it, even at lower cost. Of those who did attend, many merely took photos or numbers for later reference. Those who did place orders concentrated on fashion and novelties, virtually ignoring staples, which constitute the bulk of what they have back home. Orders placed by retailers were said to be mostly for one-of-a-kind samples, while wholesalers also sharply limited the depth of their purchases.
THE FAIR DREW AN ATTENDANCE OF 5,569 BUYERS FROM AROUND THE WORLD, COMPARED WITH 8,206 AT LAST YEAR’S EVENT, A DROP OF 32%. The largest contingent, from the Chinese mainland, was down only 8% at 1,647. The steepest drop was in the number of Americans attending, down 57% to only 225. Last year, that number climbed to 525 because many smaller retailers, facing higher prices, felt they could trim their increased costs by eliminating the middle man and buying direct. The Japanese attendance dropped 45% to 599, while the number of Koreans declined 34% to 927.
As expected, the business booked at the fair was down sharply from the all-time record achieved last year. Total sales, including actual purchases and orders to be confirmed after buyers return home and review their selections, amounted to $241 million (U.S.), compared with $437 million last year, a drop of 45%.
IN THIS ISSUE:
Hong Kong Orders Down Sharply
Retailers’ Heavy Stocks Cited
Garment Prices Off 25% to 30%
Further Cuts Are Expected
Milan Fair Seen Doing Better
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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