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."



Fashion Commission Launches 1st Executive Master’s Program in Riyadh

Fashion Commission Launches 1st Executive Master’s Program in Riyadh
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Fashion Commission Launches 1st Executive Master’s Program in Riyadh

Fashion Commission Launches 1st Executive Master’s Program in Riyadh

The Fashion Commission announced the launch of the first Executive Master’s program to be delivered in Riyadh, developed in collaboration with the world-renowned Institut Français de la Mode (IFM).

The new program marks a significant leap in advancing fashion education and executive training within the Kingdom, according to SPA.

The Executive Master’s in Strategic Management of Fashion & Luxury represents a new milestone in fashion education, taking place in Riyadh for the first time. It is a 15-month hybrid executive master’s degree track designed for high-potential professionals seeking advanced executive training while continuing their careers. Delivered through a blend of in-person modules in Riyadh and Paris, alongside supervised online learning, the program equips participants with strategic, managerial, and analytical expertise tailored to the rapidly evolving fashion and luxury sector.

Designed with market needs in mind, the executive master’s curriculum covers creation and design, brand strategies, sustainability, new consumer behaviors, retail innovation, fashion media, collection management, and future industry perspectives. Participants will also complete a thesis that contributes new knowledge to the regional and global fashion landscape.

The program is taught by IFM’s internationally recognized faculty, experts in fashion history, sustainability, consumer behavior, design, and luxury management, alongside industry leaders from major global houses, fashion federations, media groups, and innovation-driven organizations.

This landmark program builds on the Fashion Commission’s ongoing partnership with IFM since June 2022. Within the first year, the collaboration introduced high-level educational initiatives, including the Advanced Management Program for Luxury Fashion and the Executive Master’s in Luxury Fashion, designed to elevate local talent and strengthen the Kingdom’s creative workforce.

These programs have contributed to developing the skills and knowledge required to support a world-class fashion ecosystem.

The launch of the Executive Master’s marks a pivotal step in establishing Riyadh as an education hub for the fashion and luxury sectors. By bringing a master’s qualification of this caliber directly to the Kingdom, the Fashion Commission reinforces its commitment to enabling professional growth, supporting innovation, and creating globally competitive talent pipelines.


Nike Shares Rise as Apple’s Cook Doubles His Bet on CEO Hill’s Overhaul Effort

A jogger wearing Nike shoes runs along the Charles River in Cambridge, Massachusetts, US, March 18, 2019. (Reuters)
A jogger wearing Nike shoes runs along the Charles River in Cambridge, Massachusetts, US, March 18, 2019. (Reuters)
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Nike Shares Rise as Apple’s Cook Doubles His Bet on CEO Hill’s Overhaul Effort

A jogger wearing Nike shoes runs along the Charles River in Cambridge, Massachusetts, US, March 18, 2019. (Reuters)
A jogger wearing Nike shoes runs along the Charles River in Cambridge, Massachusetts, US, March 18, 2019. (Reuters)

Nike shares rose 5% in early trading on Wednesday after Apple CEO Tim Cook doubled his personal stake in the sportswear maker, raising his bets on the margin-pinching turnaround efforts led by CEO Elliott Hill.

Cook, who has been on Nike's board since 2005, bought 50,000 shares at $58.97 ‌each, according to ‌a regulatory filing. As of December ‌22, ⁠he holds about ‌105,000 shares, which is now worth nearly $6 million.

It was the largest open market stock purchase for a Nike director or executive and possibly the largest in more than a decade, said Jonathan Komp, analyst at Baird Equity Research.

"(We see) Cook's move as a positive signal for the progress under CEO Elliott Hill and Nike's 'Win ⁠Now' actions," Komp said.

The purchase comes days after Nike reported weaker quarterly margins and weak ‌sales in China even as CEO ‍Hill tries to revive demand ‍through fresh marketing plans and innovation focused on running and sports, ‍while phasing out lagging lifestyle brands.

He has also attempted to mend Nike's ties with wholesalers such as Dicks Sporting Goods to increase visibility among shoppers amid stiff competition from newer brands.

However, the strategy has strained Nike's margins, which have been declining for over a year, while its efforts to win back its ⁠premier position in discount-friendly China appears to be faltering.

Nike's shares have slumped nearly 13% since it reported results on December 18 and are on track for the fourth straight year of declines. They were trading at $60.19 on Wednesday.

Cook has been a lead independent director of Nike since 2016 when co-founder Phil Knight stepped down as its chairman.

The Apple CEO "remains extremely close" with Knight, Komp said, adding that he has advised Nike through key strategic decisions including Hill's appointment last year.

Board director and former Intel CEO ‌Robert Swan also bought about 8,700 shares for about $500,000 this week.


Etro Founding Family Exits Group as New Investors Including Türkiye's RAMS Global Join

L Catterton, a private equity firm backed by French luxury giant LVMH, will remain Etro's majority owner. Reuters
L Catterton, a private equity firm backed by French luxury giant LVMH, will remain Etro's majority owner. Reuters
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Etro Founding Family Exits Group as New Investors Including Türkiye's RAMS Global Join

L Catterton, a private equity firm backed by French luxury giant LVMH, will remain Etro's majority owner. Reuters
L Catterton, a private equity firm backed by French luxury giant LVMH, will remain Etro's majority owner. Reuters

The founding family of Italian fashion house Etro has sold the minority stake it still owned in the brand to a group of investors including Turkish group RAMS Global, the company said on Friday.

L Catterton, a private equity firm backed by French luxury giant LVMH, will remain Etro's majority owner and "will continue to actively support the brand's long-term growth strategy," Etro added, according to Reuters.

The new investors comprise also Italian fashion group Swinger International and small private equity firm ⁠RSI.

In addition to buying the stake, they all subscribed to a capital increase that will lower L Catterton's holding in Etro to between 51% and 55% from around 65%.

When including both the acquisition and the capital increase, the deal is worth around 70 ⁠million euros ($82 million), two sources close to the matter said. Etro did not disclose financial details.

Chief Executive Fabrizio Cardinali will remain at the helm, while Faruk Bülbül, representing RAMS Global, will become chairman of the board.

L Catterton bought a 60% stake in the brand known for its paisley motif four years ago, and it slightly increased the holding over the years.

The company, founded by Gimmo Etro in 1968, has ⁠been struggling with its turnaround. Last year it posted a net loss of 23 million euros with net revenues declining to 245 million euros from 261 million euros, according to filings with the local chambers of commerce reviewed by Reuters.

Rothschild advised L Catterton and the Etro family on the deal.

Rothschild had been hired in 2024 to look for a new investor who could buy all or part of the Etro fashion group, sources had previously told Reuters.