Russia economic slowdown hurts Italy fur industry

Global SourcesUpdated on 2023/12/01

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A drop in exports to the Eastern Europe nation and the ruble's devaluation are taking their toll on Italy's fur market.

Image courtesy of Suat Eman at FreeDigitalPhotos.net

The economic downturn in Russia has adversely affected Italy's fur industry in 2015, according to a recent report from PricewaterhouseCoopers. The continued decline in the ruble's value coupled with rising oil prices has compounded the situation.

Data gathered by the UK-based business consulting revealed that fur exports to the Eastern Europe nation experienced a 34 percent drop while shipments to Ukraine plunged by about a third.

Overall, Italy's fur market generated $1.52 billion in 2015, representing an 8 percent descent from the previous year. The areas of styling, garment-making and retail sales suffered the biggest declines.

Because of sluggish demand, Italy fur suppliers were forced to reduce prices in key markets, including China, Russia and the Middle East.

Some companies spark buyer interest by offering new selections. They are also keeping costs down with the use of blended and alternative materials.

Suppliers are also optimistic of the industry's overall growth chances in Europe, especially with young customers or the millennial generation showing strong interest in fur garments and accessories.

View a comparison table of fur suppliers on GlobalSources.com

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Russia economic slowdown hurts Italy fur industry

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