Fur prices hit new highs

FUR COUNCIL OF CANADA PRESS RELEASE, FEB. 20, 2006

Fur Prices Hit Record Levels
New fashion image fueling worldwide demand for furs

MONTREAL: The growing popularity of fur in fashion markets around the globe is pushing fur prices to record levels at international auctions.

Prices for mink, beaver and other furs rose 30-40% - and in some cases doubled or tripled - against last February's prices at North American Fur Auction, in Toronto, last week, continuing the strong upward trend show at European auctions a few weeks ago.

"This extraordinary boom is being driven by fabulously beautiful and wearable new fur styles being produced by a new generation of hip young designers for our traditional North American and European markets, and by the emergence of wealthy new markets in Russia and China," said Alan Herscovici, executive vice-president of the Fur Council of Canada.

Inspired by their pop music and movie idols, young consumers are buying into a cool new image of fur that is pushing sales to record levels. Retail fur sales in Canada and the USA topped two billion dollars last season, a record that insiders expect to be broken again this winter as fur fever spreads to younger buyers.

"More than half of fur customers are now under 45-years-old," says Betty Balaila, Executive Director of Zuki Internationale, a leading Canadian fur designer. "New sporty, fashion-forward fur styles and sexy accessories can be worn with jeans or for a night on the town. Smaller pieces provide price points that make that first fur a lot easier to easier to buy for the younger consumer."

Retailers are also seeing more men coming into their stores, a trend initiated by hip-hop artists that is now spreading to a wider market. Sales of furs to men jumped 8% last winter, a trend that is gaining strength again this year.

The industry has launched a major campaign to change attitudes about fur. "Fur is the ultimate eco-fabric. Fur is certainly luxurious, but your purchase also supports aboriginal and other people who live close to the land," says Fur Council President Paula Lishman, an internationally recognized designer who produces an innovative collection of "knitted" furs.

"The fur trade is extremely well regulated and no endangered species are ever used. We also support research to ensure excellent animal welfare standards.

"Because we only use part of what nature produces each year, we can enjoy fur for generations to come. That's true environmental responsibility. Synthetics, by contrast, are generally made from petroleum, a non-renewable resource," said Lishman.

The strong international demand shown at this Winter's fur auctions will be translated into higher prices for fur apparel and accessories in the stores, next Fall.

"We can expect prices in the stores to rise as much as 30% or more for virtually all fur types next Fall," said Herscovici.

"If you are thinking about buying fur, the message for tuned-in consumers would be to buy it now. You will definitely have to pay more next year!"

The Fur Council of Canada is a national, non-profit association representing people working in all sectors of the Canadian fur trade. For further information, please contact: Teresa Eloy, Communications Director, Fur Council of Canada; Tel: 514/ 844-1945; Fax: 514/ 844-8593; E-mail: teloy@furcouncil.com

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