Greece’s Fur Industry on the Brink as EU Sanctions on Russia Bite

Antonis Disios holds a fur coat inside his shop, in Kastoria, Greece, July 6, 2022. (Reuters)
Antonis Disios holds a fur coat inside his shop, in Kastoria, Greece, July 6, 2022. (Reuters)
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Greece’s Fur Industry on the Brink as EU Sanctions on Russia Bite

Antonis Disios holds a fur coat inside his shop, in Kastoria, Greece, July 6, 2022. (Reuters)
Antonis Disios holds a fur coat inside his shop, in Kastoria, Greece, July 6, 2022. (Reuters)

For decades, Antonis Disios' workshop was abuzz with the sound of sewing machines stitching fur coats for his wealthy Russian buyers. In March, European Union sanctions against Russia over the Ukraine war shut the business overnight.

Disios, like hundreds of other fur businesses in the lakeside city of Kastoria, was banned from exporting to Russia, the main market for Greece's fur industry. With no domestic market, he sent his 23 workers home and his stockrooms filled up with hundreds of unsold garments.

"This city is going through its worst," Disios said, standing in his silent showroom. "We're in despair."

Holding up a coat he said cost 30,000 euros ($30,183) to make using one of the most expensive furs in the world, Russian sable, he urged the EU to exempt the industry from sanctions.

"They must set us free. Or they can come take them and sell them themselves," Disios said.

Kastoria is the heartland of a centuries-old fur industry in Greece, Europe's last remaining fur manufacturing center and one of the few EU countries still allowing fur farming despite pressure from animal rights groups at home and abroad.

With the demise of Denmark's huge fur industry during a coronavirus-driven mink cull, animal rights groups hope the cut-off from the Russian market could spell the end of the European fur market, which has already shrunk drastically in response to animal welfare campaigns.

And with a growing number of big fashion houses such as Gucci and Prada committing to not using real fur in the future, activists say the sanctions against Russia could help speed up the decline of an industry they call "morally bankrupt".

"Russians have traditionally been big buyers. The war has obviously stopped that, which is extremely good news," said Mark Glover, a spokesperson for Fur Free Alliance, a coalition of more than 50 animal protection groups around the world.

'A dying sector'

The hit to Greece's fur trade echoes losses in other sectors, such as agriculture, since the war began. But nowhere is it as stark as in Kastoria, which survived the country's devastating, decade-long economic crisis thanks to its fur exports.

A busy road cutting through the city is named Furriers' Avenue, and the streets are lined with now-shuttered fur boutiques with signs in Russian as well as Greek.

Since the mid-1990s, their business model had been focused on wealthy Russian buyers and tourists in the region, and the Hellenic Fur Federation says efforts to penetrate new markets - like South Korea - are an uphill battle.

The sanctions also ban shops from selling to Russian tourists in Greece, because fur is considered a luxury good.

"We go where we're wanted. We're not like apples. We can't just find a new market, there need to be certain conditions," said Apostolos Tsoukas, the federation's president.

"It's a matter of time before businesses close, no matter how much help they get from the state."

So far, the country's roughly 2,000, mostly family-run businesses, which employ about 4,000 people according to the federation, have been supported by state aid allowing them to avoid firings. The measure, in place for three months until September, allows businesses to suspend contracts of 80% of their workers, who will receive state benefits.

Fur garments are among Greece's top 10 exports, but they have been declining over the years. Exports to Russia amounted to 14 million euros last year, down from 55 million euros in 2017, according to Greek statistics data. The number of mink farms fell to 92 in 2020 from 131 in 2018, according to animal rights group VeGaia.

During a visit to Kastoria in June, Akis Skertsos, a senior government minister, said the industry "will be supported - and we will do whatever we can for it to remain viable", but acknowledged the need for a shift to other activities as well.

"The Greek government has made a serious miscalculation in continuing to prop up this industry," said Jo Swabe, EU public affairs director at animal protection charity Humane Society International.

"It's a dying sector anyway," she said.

For the country's long-standing furriers, letting go of their trade is a hard pill to swallow.

"You would come in here and there was so much noise from all the (sewing) machines working away, and all the people working in here," said 84-year-old Christos Papadopoulos, struggling to recall a deeper crisis in his 67 years in the business.

"We're finished," he said, standing in his empty workshop. "I avoid coming down here. I'll have a heart attack."



Pieter Mulier Named Creative Director of Versace

(FILES) Pieter Mulier attends the 2025 CFDA Awards at The American Museum of Natural History on November 03, 2025 in New York City. (Photo by Dimitrios Kambouris / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Pieter Mulier attends the 2025 CFDA Awards at The American Museum of Natural History on November 03, 2025 in New York City. (Photo by Dimitrios Kambouris / GETTY IMAGES NORTH AMERICA / AFP)
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Pieter Mulier Named Creative Director of Versace

(FILES) Pieter Mulier attends the 2025 CFDA Awards at The American Museum of Natural History on November 03, 2025 in New York City. (Photo by Dimitrios Kambouris / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Pieter Mulier attends the 2025 CFDA Awards at The American Museum of Natural History on November 03, 2025 in New York City. (Photo by Dimitrios Kambouris / GETTY IMAGES NORTH AMERICA / AFP)

Belgian fashion designer Pieter Mulier has been named the new creative director of the Milan fashion house Versace starting July 1, according to an announcement on Thursday from the Prada Group, which owns Versace.

Mulier is currently creative director of the French fashion house Alaïa, and was previously the right-hand man of fellow Belgian designer and Prada co-creative director Raf Simons at Calvin Klein, Jil Sander and Dior.

In his new role, Mulier will report to Versace executive chairman Lorenzo Bertelli, the designated successor to manage the family-run Prada Group. Bertelli is the son of Miuccia Prada and Prada Group chairman Patrizio Bertelli.

“We believe that he can truly unlock Versace’s full potential and that he will be able to engage in a fruitful dialogue,’’ The Associated Press quoted Lorenzo Bertelli as saying of Mulier in a statement.

Mulier takes over from Dario Vitale, who departed in December after previewing just one collection during his short-lived Versace stint.

Mulier was honored last fall by supermodel and longtime Alaïa muse Naomi Campbell at the Council of Fashion Designers of America for his work paying tribute to brand founder Azzedine Alaïa. Mulier took the creative helm in 2021, after Alaïa’s death.


Ralph Lauren’s Margin Caution Eclipses Stronger‑than‑expected Quarterly Results

Guests wait after viewing the latest Ralph Lauren collection in New York City, US, April 17, 2025. REUTERS/Caitlin Ochs/File photo
Guests wait after viewing the latest Ralph Lauren collection in New York City, US, April 17, 2025. REUTERS/Caitlin Ochs/File photo
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Ralph Lauren’s Margin Caution Eclipses Stronger‑than‑expected Quarterly Results

Guests wait after viewing the latest Ralph Lauren collection in New York City, US, April 17, 2025. REUTERS/Caitlin Ochs/File photo
Guests wait after viewing the latest Ralph Lauren collection in New York City, US, April 17, 2025. REUTERS/Caitlin Ochs/File photo

Ralph Lauren posted third-quarter results above Wall Street estimates on Thursday, but the luxury retailer's warning of margin pressure tied to US tariffs sent its shares down nearly 6.4% in premarket trading.

The company expects fourth-quarter margins, its smallest revenue period, to shrink about 80 to 120 basis points due to higher tariff pressure and marketing spend.

Ralph Lauren, which sources its products from regions such as China, India and Vietnam, has relied on raising prices and reallocating production to regions with lower duty exposure to offset US tariff pressures, Reuters reported.

"Ralph Lauren has been able to raise prices for some time now. There is some limit on how long it can continue to do this. I think (the company's) gross margins are near peak levels," Morningstar analyst David Swartz said.

The company, which sells $148 striped linen shirts and $498 leather handbags, has tightened inventory, lifted full-price sales and refreshed core styles, boosting its appeal among wealthier and younger customers, including Gen Z.

Higher-income households are still splurging on luxury items, travel and restaurant meals, while lower- and middle-income consumers are strained by higher costs for rents and food as well as a softer job market.

The New York City-based company saw quarterly operating costs jump 12% year-on-year as it ramped up brand building efforts through sports-focused brand campaigns such as Wimbledon and the US Open tennis championship.

The luxury retailer said revenue in the quarter ended December 27 rose 12% to $2.41 billion, above analysts' estimates of a 7.9% rise to $2.31 billion, according to data compiled by LSEG.

It earned $6.22 per share, excluding items, compared to expectations of $5.81, aided by a 220 basis points increase in margins and an 18% rise in average unit retail across its direct-to-consumer channel.

Ralph Lauren now expects fiscal 2026 revenue to rise in the high single to low double digits on a constant currency basis, up from its prior forecast of a 5% to 7% growth.


Saudi Fashion Commission, Kering Launch 'Kering Generation Award X MENA'

This year's award builds on the strong success of the 2025 award, which attracted more than 500 applications, shortlisted 21 finalists, and recognized three winners. SPA
This year's award builds on the strong success of the 2025 award, which attracted more than 500 applications, shortlisted 21 finalists, and recognized three winners. SPA
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Saudi Fashion Commission, Kering Launch 'Kering Generation Award X MENA'

This year's award builds on the strong success of the 2025 award, which attracted more than 500 applications, shortlisted 21 finalists, and recognized three winners. SPA
This year's award builds on the strong success of the 2025 award, which attracted more than 500 applications, shortlisted 21 finalists, and recognized three winners. SPA

Saudi Arabia’s Fashion Commission and global luxury group Kering have launched the "Kering Generation Award X MENA" across the Middle East and North Africa (MENA) for 2026.

The announcement was made on Tuesday during the opening of the RLC Global Forum, hosted at the French Embassy in Riyadh.

This year's award builds on the strong success of the 2025 award, which attracted more than 500 applications, shortlisted 21 finalists, and recognized three winners.

Participants benefited from mentorship programs, workshops, and opportunities to strengthen their global presence. Building on this momentum, the 2026 program seeks to expand its impact across the MENA region.

The 2026 award focuses on four key areas of sustainable fashion: innovation in regenerative materials and clean production, circular design and sustainable business models, nature conservation and animal welfare, and consumer awareness and cultural engagement.

The program targets startups across the MENA region that operate in, or positively influence, the sustainable fashion sector, provided they demonstrate innovation capabilities and the ability to deliver measurable sustainability outcomes.