New York market in slow start

SANDY PARKER REPORT, VOL. 31, ISSUE 19, JUNE 25, 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

New York market in slow start

PLACEMENT OF INITIAL FALL ORDERS BY AMERICAN RETAILERS WITH THEIR NEW YORK SUPPLIERS is in one of the slowest starts in memory, current indicators pointing to delays of at least another month or so before many independent furriers are ready to make their commitments. Most of the major operators have already ordered – albeit somewhat more conservatively than usual – mainly from foreign vendors at the Hong Kong and other fairs earlier this year. But few have come into their market so far. The delays and the conservatism would appear to fly in the face of the general optimism for the upcoming season, but the carryover inventories from the past disappointing season seem to be dictating such negative decisions.

For New York wholesale vendors, the delays and the prospect of smaller orders than usual conjure up a less than bright outlook for what now looks like an abbreviated wholesale season. Having already lost a good number of their major accounts who now buy direct from foreign manufacturers, their sales potential has been whittled down considerably.

STILL NO OFFICIAL WORD FROM HONG KONG MANUFACTURERS, but New York sources say they have been notified that prices will be going up as of July 1. The unofficial word is that the increases will be from 10% to 15% above what the Hong Kong manufacturers quoted earlier. This evidently would reflect the steady increases in the skin market since the February plunge. Some buyers, however, are having some difficulty reconciling that much of a price increase on garments, inasmuch as the price of female minks – used mostly in garments – have either remained unchanged from their February lows or have risen only slightly. Although male mink prices have advanced in a major way, most are used in single-skin applications such as trimmings, hats and other accessories.

IN THIS ISSUE:
New York market in slow start
Many stores delaying visits
Big carryover stocks blamed
Fur district continues to shrink
Hong Kong prices up 10-15%?

For extracts from back issues of Sandy Parker Reports see News Archive. Subscribers can access an archive of complete issues at www.sandyparker.com.