Mongolia, a leading supplier for global cashmere, has seen demand for its luxury fibers plummet during the coronavirus pandemic.
Sales fell near 70 percent as Chinese traders and Western shoppers have been isolated and businesses and factories closed.
Khatant International, a Mongolian wool processor, said clients have been canceleing order across the board. Chief Executive Bayarmaa Byambaa told the Nikkei Asian Review: My partners in Italy don’t talk about business or price at all. All they say is, ‘Stay healthy then we will meet someday.’”
Gobi Cashmere, Mongolia’s largest fiber processor, took swift cost-saving measures as the crisis went global, cutting 10 percent of its workforce, according to the Asian Review.
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