21.06.2022
DAY 9 Stock Exchange Release 21 June 2022 at 21.50 EET
The value of the brokerage sales of the June online auction was EUR 92 million
Saga Furs’s online auction which started on 13 June concluded today on Tuesday 21 June. Around 100 buyers participated in the online auction and most of the purchases were made to the company’s main market China. Purchases were also made for the European fashion industry, South Korea and Turkey.
From the 5 million mink pelts on offer 55% were sold. From the 560,000 fox and Finnraccoon pelts on offer 55% were sold. The value of the brokerage sales was EUR 92 million (6/2021: EUR 188 million). The auction showed small signs of market recovery but the overall result was in line with the estimates.
“The fur market has been uncertain for a long time due to strong pandemic restrictions in China but the situation was further hampered by Russia’s attack on Ukraine. It was therefore positive to see that the Chinese buyers activated in this auction and bought almost the same proportion of the pelts on offer as they typically purchase at the June auction. Although there are indications of Covid restrictions going down in China and the recovery of the fur market, we cannot, at this stage, estimate how the retail season in China will start or whether the purchases made in this auction will be used only during the coming years,” says Markus Gotthardt, CEO of Saga Furs.
Saga Furs will publish a half-year earnings report on Wednesday 29 June for the financial year started on 1 November 2021. The company will organise the next auction in September 2022.
DAY 9 report / 21 June 2022
The June online auction concluded today with the sale of Blue fox.
- Blue fox was 50% sold with slightly easier prices compared to previous auction
- The main buyers today came from China, Turkey and South Korea
The next Saga Furs auction will be in September 2022.
We wish everyone a nice summer and we wish to have a live auction the soonest!
DAY 8 report / 20 June 2022
The two-day fox auction started today with the offering of various fox types as well as Finnraccoon.
- Blue Shadow fox was more than 70% sold
- Blue Frost fox was 80% sold
- Silver fox was 55% sold
- Finnraccoon was 75% sold
- The above clearances were achieved with 10% easier prices in Blue Shadow fox and firm prices in the rest of the types
- The main buyers today came from China, with support from the European fashion industry, Turkey and South Korea
The auction concludes tomorrow with the offering of 400,000 Blue fox pelts.
DAY 7 Stock Exchange Release 19 June 2022 at 16.10 EET
Saga Furs´ mink auction showed signs of demand recovery
Saga Furs´ mink online auction, which started on 13 June, concluded today Sunday. In total, some 100 buyers participated in the online auction, and most of the purchases were made to China, the company´s most important market. Purchases were also made to the European fashion industry, South Korea and Turkey.
“This season, the fur market has been uncertain because of the ongoing Covid restrictions in China. In addition, the Russian attack on Ukraine has made trade more difficult. We decided to change our pricing strategy, which helped to create a price level for most produced mink pelt types. This activated the Chinese buyers in particular, but in addition also other main markets. Out of the 5 million mink pelts on offer around 55% was sold, clearly more than in the previous auctions during the season,” says Markus Gotthardt, CEO of Saga Furs.
The auction continues until Tuesday 21 June with foxes.
DAY 7 report / 19 June 2022
The mink auction concluded today with the offering of 400,000 Silverblue females and various Cross type mink pelts.
- Silverblue Classic females were over 40% and Velvets over 80% sold
- The Cross collection was more than 50% sold
- The main buyers today came from China, with support from the European fashion industry, Turkey and South Korea
The mink auction concluded with a clearance of 2.6 million minks out of the 5 million on offer. The auction will continue with foxes and Finnraccoons until Tuesday 21 June.
DAY 6 report / 18 June 2022
The auction continued today with the sale of Palomino female and Silverblue male mink pelts.
- The sale of Palomino females followed the same pattern as with males, resulting in 55% sales in Velvets, while Classics were mainly withdrawn
- Silverblue male Classics were 45% sold and Velvets almost 80%
- The main buyers today came from China, with support from Turkey and South Korea
The mink auction will conclude tomorrow with the sale of Silverblue females, as well as a collection of various Cross type mink pelts. The auction continues with the fox sale on Monday.
DAY 5 Report / 17 June 2022
After having fetched almost full clearance for Brown male minks yesterday, strong sales continued today with the offering of 600,000 Brown female mink pelts selling more than 70%. In addition, Mahogany and Palomino minks were on offer.
- In two days, we sold over 1 million minks
- Mahogany male minks were nearly 100% sold while the females were 45% sold
- The North American Mahogany collection was 15% sold
- Palomino Velvet males were 70% sold while Classics met resistance
- China was the dominant market today, with some support from Europe
The auction continues tomorrow with the sale of Palomino female and Silverblue male mink pelts.
DAY 4 Report / 16 June 2022
The auction continued today with the sale of 600,000 Brown male mink pelts.
- A new market price was established for Brown mink in the challenging market situation
- The total offering, which included both Classic and Velvet types, was almost 100% sold
- The main buyers today came from China with support from Turkey
The auction continues tomorrow with the sale of Brown female mink pelts as well as Mahogany and Palomino.
DAY 3 Report / 15 June 2022
On the third day, the auction continued with the sale of Black and BLACKGLAMA mink pelts.
- European Black minks were close to 25% sold
- North American BLACKGLAMA minks met resistance with the females over 30% sold and the males close to 10%
- South Korea and China were the dominant markets today
The BLACKGLAMA male Top Lot was purchased by Mega Fur on behalf of Mr. Wang Chen, Suning Huawei Fur
The auction continues tomorrow with the sale of Brown male mink pelts.
DAY 2 Report / 14 June 2022
On the second day of the auction, Pastel and Pearl mink pelts were on offer.
- European and North American Pastel minks both achieved close to 50% clearance
- Overall, the Pearl minks were 40% sold with the intersorted Pearl Velvet male achieving 55% sales
- After today, we have cleared over 40% of the offering so far
- China was quite active also today, followed by the European fashion industry and South Korea
The auction continues tomorrow with the sale of Black mink.
DAY 1 Report / 13 June 2022
Saga Furs June online auction opened today. During the 9-day auction, 5 million mink and 560,000 fox pelts will be on offer.
On the first day of the auction, the offering consisted mostly of White and Sapphire mink pelts. The total offering was more than 40% sold with firm or easier prices than our March auction. The North American White Male mink pelts were over 60% sold, while the Females met resistance from the market. The main buyers came from China, the European fashion industry, South Korea and Turkey.
The auction continues tomorrow with the sale of Pastel and Pearl mink.