Kopenhagen Fur Leaves 2019 with a Profit
On Friday Kopenhagen Fur held their Annual General Meeting where shareholders across the country attended – this year via digital live stream. Addressed at the Annual General Meeting were some of the sudden hurdles driving the auction house to think creatively when hosting this year’s April auction.
After years of battling a market with lower prices and attempting to balance out supply and demand, Kopenhagen Fur and the rest of the fur industry are seeing progress with a decrease of mink production worldwide to less than the estimated demand.
Although adapting to the changing market has been a major part of the last couple of years for Kopenhagen Fur and the Danish mink breeders, the auction house leaves 2019 with a profit of 33,4 million Danish Kroner before tax and 17,7 million after tax.
“We have succeeded in steering the company towards a total revenue, including auction income, of 5,2 billion, selling 24,5 million mink skins together with almost 1 million other skin types. This satisfactory economic result means that we are able to give back 63,1 million to our stakeholders, the Danish mink breeders.” Chairman of the board, Tage Pedersen says.
CEO Jesper Lauge Christensen allocated his time addressing the current global situation leaving Kopenhagen Fur to think outside the box when arranging their otherwise very traditional auction.
“Many questions have been raised these past weeks. We don’t have the answers yet, but we will.” Jesper Lauge says.
Operations have been maintained with all necessary precautions and Kopenhagen Fur is determined to host the April auction in a digital version.
See annual report for 2019 here (in Danish)