Saga Furs held the second auction of the financial year online from March 23 to April 9, 2020. The results of the first online auction were confirmed today. The global coronavirus epidemic and related restrictions prevented a traditional auction.More than 150 buyers from different markets participated in the three-week online auction. European purchases remained low due to the coronavirus epidemic, but China and Korea were active as the epidemic subsided and business gradually restarted.
The value of online auction brokerage sales was EUR 31 million. A total of approximately 1,300,000 mink skins and 75,000 fox and Finnraccoon skins were sold at the auction. There was not yet an immediate need for fox skins in their main market in China, as the material used mainly for trimming can be purchased in time at Saga’s June auction. Clearly more mink skins were sold, as the production of garments made from mink skins takes longer.
“The whole world is in a challenging situation because of the coronavirus and its effects. However, in this exceptional situation, we were able to hold a smooth-running online auction that allowed customers to purchase raw material for their immediate needs. The demand for fur is also indicated by the fact that a significant part of the skins sold at the online auction have already been delivered to customers despite the logistical challenges,” says CEO Pertti Fallenius.
Saga Furs will hold the next auction from 8 to 16 June 2020.
Saga Furs Oyj, insider release, April 14, 2020 at 7:00 PM