Been a lot of talk in fur producer circles lately about what might happen with NAFA. I won't go into it all but NAFA bounced a bunch of checks after the last sale and they have been trying to arrange financing ever since.
Today they announced a merger with SAGA, a large European auction house located in Finland. Here is the letter from NAFA:
To: NAFA Customer
Saga Furs and North American Fur Auctions (NAFA) have today entered into an agreement to work together to secure a stable selling channel for NAFA’s customers both in Europe and North America. Utilizing its strong financial position, Saga Furs will start financing some of NAFA’s fur producing customers with immediate effect. The agreement also contemplates the integration of Saga Furs and NAFA solicitation teams in order to better serve the needs of the fur producing community in both Europe and North America.
With this agreement, Saga Furs and NAFA seek to address recent producer and market concerns as well as to provide fur producers with a solid platform through Saga Furs in which to sell their 2019 production. The combined offering will create the most versatile collection of different fur types, including mink, fox, finnraccoon and wild fur, available in the international market.
Further details about this agreement will be announced as they are finalized.
Sincerely,
Douglas Lawson
President & CEO
From SAGA:
https://www.sagafurs.com/corporate/news/saga-furs-and-nafa-enter-into-an-agreement/Still leaves some questions unanswered but it looks like we will still have all the same players going into the new season.
