Cold spell heats up sales of fur coats

By Kwon Mee-yoo

Department stores are attempting to exploit the cold spell for a spike in revenue. And their major item is fur, ignoring animal rights activists.

Hyundai Department Store has splashed 40 billion won worth of mink coats and other furry fashion products across its outlets in Seoul, where they are being sold at a special 50 percent discount.

The sales season for fur coats is usually from November to January. The season extended this year due to the abnormally cold weather in recent weeks, Hyundai officials said.

Brands like Jindo Fur, Keun Hwa Fur and Sungjin Fur are breathing a sigh of relief. They had produced 20 percent more products combined for this winter season, but were concerned about declining sales, as fur coats are awkward items to pitch in a dismal economic climate. It hasn’t been much of a problem as they are now smiling all the way to the bank after seeing sales increase in March and April.

Lotte Department Store, Hyundai’s rival department store brand, said the sales of its fur products declined 20 percent in January, but jumped by nearly 50 percent in March compared to a year earlier.

``We find that fur products have been quite popular as wedding gifts this year as more people are marrying in March and April to avoid the ‘leap month’ on the lunar calendar, which was from April 21 to May 20 this year,’’ a Lotte Department Store spokesman said.

Fur lovers also appear to be in a rush to buy new products before they get more expensive. Fur makers acquire their fur from auctions in Canada and the United States and saw the prices of the materials increase in February and March. This would likely lead to a spike in price tags when the newer cycle of products come out in May.

``We have never before held a fur discount promotion at all of our branches. This is a chance for customers to buy fur at the lowest prices, as this is normally the time of the year when companies clear out inventory to prepare space for new products.’’

While the cold snap has fur makers reaping profits, fashion brands that had aggressively promoted their spring collections are left frowning. Spring clothes sales were down 10 percent compared to last year, Lotte Department Store said. To boost sales, Lotte prepared a clearance sale of brands such as Egoist, Plastic Island and McGinn Knightsbridge, offering up to 80 percent discount for the seasonal clothes.

This is usually the time of the year when golf equipment and outdoor gear are hot items. In contrast, the sales of these products have subdued, while the sales of knit clothing and rain boots have soared.

Swimsuits sales also jumped some 20 percent compared to last year, as an increasing number of Koreans traveled overseas in search of the elusive sun.