NORT H A MERICAN F UR AUC T IONS

NAFA NEWS

65 Skyway ave. ToronTo, on M9w 6C7 Canada | Tel: +1.416.675.9320 | fax: +1.416.675.6865 | www.nafa.Ca

OCTOBER 2015

- President's Letter - 2015 Auction seAson recAP - MArketing: WhAt is nAFA doing to ProMote Your Furs? - grAding At nAFA - doing Business With nAFA - Meet A Young Auctioneer - rAnchers united - introducing cArLottA & chris

2 | NAFA News

dear rancher,

in the 2015 season nAFA was able to sell approximately 10 million mink across three strong auctions, making for a very successful selling year. unfortunately, the entire international fur trade was shocked recently by the disappointing results in both scandinavian sales. seldom have we ever seen this severe of a decline, especially at the end of the season, before retailers have had the chance to liquidate their inventories. this is a very unfortunate way to end the 2015 season, seeing mink prices drop as much as 50 per cent. thankfully we were able to sell all of our mink at the conclusion of our June auction, as well as having experienced very strong clearances throughout the summer.

in the meantime, we’re preparing for the new season. our new warehouse addition in Poland should be complete by mid-november, and we are still in the process of planning and designing a new facility in stoughton.

As you may already know, we are building a new website to better serve all of our stakeholders at www.nafa.ca. We’ve enhanced our it team, and we’ve had great growth in our marketing team here and abroad.

Looking ahead, it is nAFA’s intention to put on full gas when it comes to buyer solicitation. in china, we have opened a nAFA office in Beijing, which allows us to enhance our marketing efforts across the country. in addition, this office will help us to better assist our chinese customers on the ground, with issues such as arranging travel Visas from the nearby canadian embassy, to ensure our customers can continue to attend our auctions with relative ease.

At the same time, events and visits throughout all of the major markets around the world continue. rob cahill, nAFA’s senior Vice President of Marketing, was on a trade visit in korea as this letter was written, and oscar carbonell, Private treaty sales Manager, is currently in china.

We will continue to work very hard to ensure that we are where we need to be, and we will continue to aggressively promote and market your furs to both buyers and to the fashion trade around the globe. it is our commitment to extract every ounce of buying power to our auctions as is possible.

nAFA has many components to set us apart. our top quality north American mink, our extensive collection of european mink which represents volume as well as quality, and our exceptional wild fur collection will continue to ensure that toronto remains the most desirable destination in the industry.

in our next issue, we will provide a full market update. For now, please enjoy this special edition of nAFA news.

sincerely,

Michael d. Mengar, President and ceo

2 President's Letter

(Head Office)

Milsbeek, Holland

FRANCE/SPAIN

UKRAINE

BALTIC STATES

DENMARK

Welcome to the nAFA news special edition! 3

NAFA.ca and Online Services

in this extensive annual news edition, we will review the auction season that has passed, bring forward our new developments for the season ahead, and provide you with more background on what is happening at nAFA.

the special edition is designed to address all fur ranchers in north America and europe, wherever nAFA is active. nAFA is a worldwide family with a global network in both ranching and buyer communities, and this publication has been adjusted to reflect that.

in this issue, you’ll learn about our global marketing initiatives for the new season, which will continue to ensure that buyers from all over the world occupy the auction room. You’ll also learn more about the benefits of doing business with nAFA, and take an in-depth look at our 4-step grading procedure.

As always, we are committed to investing in our future, from up-to-the-minute technology, to our nAFA youth movement. You’ll read an interview with 24-year-old emily Baumken – one of the only female auctioneers in the industry, and you’ll also meet two of our new employees – chris Vaughan and carlotta Pellizzari.

We hope you enjoy this issue, and we welcome your feedback.

Many thanks, NAFA Marketing and Communications

nAFA’s website, www.nafa.ca, has been our mainstay for many years now. Buyers, ranch fur producers, wild fur shippers, the worldwide fur trade, new customers and designers, even nAFA’s own staff are all major users of nAFA’s website. each of these groups visit our website for a different reason. to address all of these major groups, to offer just what they are looking for in several languages in an attractive and user-friendly interface is a challenge to say the least!

As such, we’ve decided to update our current website. We are planning to launch it in late fall, 2015. the site will be up to modern day standards while still offering all of the different user groups just what they need. the login page on the site received a major update just before our January auction, while minor updates are introduced constantly.

to stay up-to-date with the latest news from nAFA, the trade and more, not only keep checking www.nafa.ca but also make sure you leave your e-mail address with your nAFA representative so you will continue to receive daily auction updates and nAFA news bulletins directly in your e-mailbox which you can access on the go - from your cell phone, tablet or Pc.

If you feel you are not receiving NAFA communications, please email NafaNews@nafa.ca

4 | NAFA News

Season 2015 Review

After a number of record-breaking selling seasons, the 2014 auction season demonstrated a dramatic turnaround in prices and market confidence. Lagging retail sales in the fall, especially in china, did nothing to inspire confidence in the trade. As such, heading into 2015 with an increased annual ranch mink production and a substantial amount of unsold garments in retailers’ inventories was, for many, a jump in the deep.

Meanwhile, sanctions for russia began to take effect with a dramatic drop of the ruble and decreasing oil prices. these economic problems put a serious stop on consumer spending and mostly sidelined the russian fur trade for the whole season. reports of fur sales in china in the early winter (november into december) trailed behind the previous year’s figures.

Start of the Retail and Auction Season

Winter finally arrived in china and korea during the second week of december, bringing with it bitter cold temperatures. Fur sales picked up immediately and supercharged retail sales into January. By then, fur retailers could already mark good results in their books and the need to restock was imminent.

the timing of the first auction round in January and February was just right, and set the price structure on a satisfactory level. the January sale was a very strong sale for nAFA on a competitive level. the demand for shorthaired mink was again evident, furthering the price gap with longer haired mink. however, demand for ranch fox and most wild fur articles still suffered due to the absence of the russian market, which continued to battle economic instability.

4 2015 Auction season recap

NAFA News | 5

Mid-Season

in early March, prices for mink began to dip. the drop was obvious in us dollars, but less so in euros since the us dollar had strengthened. After the drop, prices stabilized again during the March and April round of auctions. nAFA’s March sale again established us as a market trendsetter and helped to restore confidence in the trade by achieving prices consistently firm to slightly advancing in ranch mink. By the end of the March sale nAFA had sold 80% of our regular mink for the year. unfortunately problems for ranch fox and wild fur persisted, resulting again in low clearances.

With the June auction round in sight, doubts arose about the chinese abolishment of the c.M.t regulation. this regulation prevented importers from having to pay import tax when imported raw materials were processed in china and exported again after finishing. it was very difficult to determine whether this would affect prices at the auction level or not. Alternative ways of shipping mink into china via Asian free trade countries like cambodia, Vietnam or thailand were already in use.

June Auction Round and Beyond

the June auction round started with a slight price drop. there seemed to be more pressure on male mink than female mink, but generally prices remained stable, with even some small price increases at the last auction before the summer break.

the trade has shown confidence throughout the season in having bought at the 2015 price levels. however during the summer, market circumstances changed. slowing economic growth and decreasing stock markets in china caused buyers to buy more carefully. this could clearly be seen during the september round of auctions, which closed with substantial drops from June levels.

despite the recent developments, the real test will once again be the upcoming winter retail season. Production numbers appear to be stable to last season. We also know that the chinese consumption and buying power are steadily increasing even though recent economy growth figures have dipped.

other markets like korea, europe and north America seem poised to fulfill a stronger supporting role with russia still facing problematic economic conditions. For the short term this situation will likely persist and will continue to make it very challenging for fur retailers and their suppliers to gain business in the important russian fur market. so for next season, once again, china will remain the biggest consumer of fur garments.

6 | NAFA News

our marketing goals each year have remained constant; we are dedicated to bringing the maximum number of buyers to the auction, and to attaining a premium price for all of nAFA’s fur products. With ever changing market conditions, it is paramount to have a strategy that is not only well founded, but also flexible enough to meet the rising challenges.

it is also imperative to have a team that is knowledgeable and dedicated to the mission at hand. our marketing team has done an incredible job this year in soliciting buyers for the auction, as well as creating a “grass roots” demand for our products that has translated into sales at all levels. nAFA travels around the world to promote nAFA’s fur products in many different ways:

Fur Fairs

the global fur trade gathers to meet at fur fairs to see, to inform, to get informed and to do business. nAFA is present at all fur fairs, large or small, to promote our products and to increase buying power in the auction room.

in the 2015/2016 season, nAFA will be present at the following trade fairs: china Fur Fair (Beijing), hong kong Fur Fair, Mifur (Milan), Fur excellence (Athens), kastoria Fur Fair, szczecin Fashion expo, Poland and chapeau Fur Fair (Moscow).

6 Marketing: What is nAFA doing to Promote Your Furs?

NAFA News | 7

Fur Fashion Galas

nAFA Fashion galas are held in important fur consuming or emerging markets to highlight and promote nAFA, nAFA’s fur products and to support the fur trade on both the public and political level.

in the fall/winter 2015/2016 season, nAFA will sponsor galas in Astana, kazakhstan, seoul, korea, szczecin , Poland, and chongqing, china.

Annual Campaigns

nAFA’s annual campaigns are created to showcase the high-end designers we are working with, to highlight an anniversary, celebrate a milestone, or to promote certain fur articles in nAFA’s collection. At least one campaign is launched each season. this year’s campaign features Josephine skriver, a danish model known for her work with fashion and beauty brands like Victoria’s secret, gucci, Michael kors, dknY, and more.

the campaign was shot over several days in June, at the glass Boat house on stoney Lake, in the kawartha Lakes region of ontario. the minimalist location, inspired by the landscape of the canadian shield, was an ideal backdrop to let nAFA furs take center stage. designers currently working with nAFA furs include oscar de la renta, gianfranco Ferré, guy Laroche, Michael kors, and more.

8 | NAFA News

Photoshoots/Billboards

Photoshoots for nAFA and co-op campaigns are held in early summer or fall. nAFA campaign photos are used throughout the season in nAFA publications, bulletins, promotion and advertising. Billboards display nAFA’s exceptional fur garments, noting that fur skins can be purchased from the exclusive supplier, north American Fur Auctions.

in addition, nAFA supports its top Lot buyers, as well as buyers of large quantities of skins through co-op programs, which offers tailored support in advertising. this includes photoshoots, in-store events, fashion galas and other activities, which are customized to each customer’s needs.

Fashion and Trade Editorials and Advertorials

Articles, editorial spreads, and advertisements are placed in fashion and fur trade magazines in key markets (cosmopolitan, elle, Marie claire, noblesse, Vogue etc.) to describe nAFA’s activities and highlight nAFA products on both the fashion and consumer level. A typical advertisement illustrates a finished fur garment in a campaign image, and refers to nAFA as the premium supplier.

in fall 2015 alone, NAFA will be featured in over 87 pages of coverage in high fashion magazines from around the world.

Online Media

the internet offers great possibilities to share information or connect socially. nAFA participates on different platforms to highlight events, join the dialogue and promote our products. to join the online development, we have created a place to observe what others are saying about nAFA around the world on social media. click on “nAFA Post” on the nAFA website. no social media account required!

NAFA News | 9

Studio NAFA & Design Competitions

Both studio nAFA and studio nAFA outreach were created to promote nAFA’s products in the fashion industry. nAFA’s team of expert craftsmen is on hand to help students realize their creative ideas using select techniques on nAFA mink, ranch fox and wild fur.

Publications

Just nAFA is a promotional magazine for buyers and trade that highlights nAFA-sponsored events, such as galas and fashion shows, student design contests and competitions, and studio nAFA. in addition, Just nAFA features campaign images and label information, auction offerings and schedules, and more. this trade magazine is published 3-4 times per year, translated, and handed out at fur fairs around the globe.

Front row: Fur in Fashion is a new high-quality, fashion-forward printed and digital publication, launching in Fall 2015. its purpose is to develop a deeper relationship with the fashion community through designer and editorial outreach. containing a mixture of previews, trends, editorials and articles, the focus of Front row is to present the exceptional properties of nAFA furs, while providing assurance and inspiration for the international fashion community.

nAFA news may not be new, but it has a new flavor this year. it features content and contributions from europe as well as north America. in nAFA news, you’ll find information about our campaigns and activities, news about developments at nAFA, auction reports, as well as market updates from around the globe, and more.

10 | NAFA News

Grading

the worldwide demand for high quality mink is ever increasing. staying at the top of our game requires ultra-sharp borderlines between different naps and grades. nAFA’s four-step grading procedure provides just the right basis for the demand structure in today’s fur trade. the main reason that our cataloging has been so successful is that every skin, no matter where it originates from, goes through the same grading process with identical grading standards. during the grading season, progress and collection standards are monitored closely in each of nAFA’s warehouses where domestic skins are graded. All this effort enables us to create fur collections with the highest grade of uniformity.

10 grading at nAFA

Coloring and casting

We have also upgraded our coloring techniques. For several years now we have been coloring skins by digital pixel density techniques by using high-resolution cameras. over the years we have improved this technique with continued enhanced results. About four years ago we started to use a different technique by coloring skins with spectrophotometers* which showed spectacularly accurate results.

today we have implemented these coloring techniques into our production on a large scale. We have fine-tuned the technique that even allows us to cast mink skins. these relatively compact devices can be arranged into small work stations that can be set up in all areas of our warehouses on both continents. it not only makes the use of the spectrophotometers very practical but also allows us to color and cast mink skins in different locations with absolutely replicated results. * = device which measures the reflection of light

NAFA News | 11

Naps explained

napping is one of the key steps in nAFA’s grading procedure. in all color varieties the collection is split up in several hair lengths, up to 6 naps in the biggest color varieties. each hair length has specific characteristics regarding hair structure, hair length and underwool. to give you more insight into nAFA’s nap split we have outlined characteristics of each nap below:

NAPS 1X / XSN: EXtra Short Nap offErEd iN: Nafa CollECtioN

Extra Short Nap is a mink type with an extra short and very fine hair structure. it is on the borderline of covering with deep and heavy underwool. these premium skins are offered as Gold and Silver grades

1 / SN: Short Nap offErEd iN: Nafa CollECtioN

Short Nap mink has the same fine hair structure as XSN, but it completely covers a deep and heavy underwool, offering a premium skin surface shine. these premium skins are offered as Gold and Silver grades

2X / SMW: Short MEdiuM Nap Wooly offErEd iN: Nafa CollECtioN

SMW is a nap type with a slightly longer hair type than SN, and is on the borderline of covering a heavy underwool. SMW is also offered as premium skins in Gold and Silver grades.

2+ / SMN-hVy: Short MEdiuM Nap hEaVy offErEd iN: Nafa CollECtioN

SMN-hVy has the same hair length and fine hair structure as a SMW, but fully covers a heavy to very heavy underwool. Skins offer a premium skin surface shine. this nap belongs to the premium quality group and is offered in Gold and Silver.

2 / SMN-SEMi Short MEdiuM Nap SEMi offErEd iN: 5 Star CollECtioN

the characteristics of SMN-SEMi are similar to the description of SMN-hVy (above). the difference between them is that SMN-SEMi has a less dense underwool. these skins are classified into 5 star and 4 star grades, however this classification only applies in the demi category.

3 / MN: MEdiuM Nap offErEd iN: 5 Star CollECtioN

MN mink has a classic hair structure with a deep underwool. depending of the quality of the underfur and covering by the guard hairs, skin grades are split into 5 star and 4 star grades.

4 / lN: loNG Nap offErEd iN: 5 Star CollECtioN

lN is the longest nap in Nafa’s collection with a long hair structure and deep underwool. these skins offer a full covering and are classified in 4 star and 3 star grades.

12 | NAFA News

Collection

the most complete fur collection is offered annually at north American Fur Auctions. this means an integrated collection of almost 10 million mink skins of european and north American origin (which is 55% of the total north American mink crop), and a fast growing collection of ranch fox that will top 100,000 ranch fox skins next season. in addition, we offer the largest and most extensive collection of over 2.2 million wild fur pelts. this comprehensive and high quality fur collection is offered at three to four major fur auctions annually, which not only attracts a very broad group of buyers to toronto, but also allows for one-stop-shopping for all buyers in one of the largest and most important fur trading centers in the world.

Grading

Buyers can be assured that nAFA’s grading is thorough and that the goods are a clear match with the catalogue description. We thank this highly valuable reputation to our strict grading procedures and the skills and experience of our fur technicians on both sides of the ocean, who stand at the foundation of the grading process. they implement quality grading of all mink skins according to the four step grading procedure:

1. Pre-sorting 2. Napping 3. Quality grading 4. Finalizing

this procedure is very labor-intensive, and it requires that skins be judged by at least four independent fur technicians. the final result is mink collections with the sharpest and most reliable quality borderlines in the entire business. All the effort is needed because today’s global fur market demands a very high level of uniformity. each combination of underfur, nap, type, and guard hair density is considered a separate quality class, each of which has its own specific processing and usage in fur garments which means that sorting mink properly requires an extensive grade division of different mink qualities.

Buyers

Before the auctions take place, an effective marketing campaign ensures that buyers from all over the world occupy the auction room. Marketing activities are coordinated in toronto, from which a team of marketing agents is supported, covering the globe. nAFA has agents in all fur consuming and trading areas: hong kong, china, russia, greece, italy, north America and south korea.

this international character means worldwide connections in the fur industry, allowing nAFA to operate flexibly in the global fur trade. it also allows us to gather clear information from all markets and all auctions. this also makes it possible to give you comprehensive and professional assistance in explaining breeding strategies. in practice, this means supervision of livestock selection. Additionally, you can count on the personal attention and support you've come to expect from us.

NAFA's Goal

We have strict criteria to pursue the most optimal mink collection with the sharpest borderlines in the business. in addition, we take an aggressive marketing approach to attract the best buyers at our auctions. Furthermore, we are committed to supporting the fur farmers in their work, and maximizing the proceeds of their pelts. that is why service and attention are our top priority. You can expect professional market feedback from us and help you translate this into breeding management on your farm, and we’re happy to offer one of our skilled and experienced fur graders to professionally assist you in live grading your breeding animals. Advice on processing your mink, and preparing and delivering them for auction are also some of the cornerstones of our service.

So what is in it for you?

All of the above comes down to the key element of all our services: your reassurance that the crop for which you have worked so hard is in the best and most professional hands possible. We offer live grading, sorting, marketing and selling, consequently maximizing the yield of your annual production with explicit and coherent feedback. Moreover, doing business with nAFA makes you part of the oldest dynasty in the entire fur business. nAFA is a warm-hearted family where personal relationships are highly embraced and cherished!

12 doing Business with nAFA

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NAFA News | 13

13 Meet one of nAFA’s Young Auctioneers

Not only is she one of NAFA’s youngest auctioneers, 24-year-old Emily Baumken is also one of the only female auctioneers in the industry.

After obtaining a Bachelor of science honours (Bsch) degree in Biology from Queen’s university, emily joined nAFA as an operations Management trainee in 2012.

she started off learning the ropes in the warehouse under steve gamblin and Yves ethier, and later moved on to become a permanent fixture in Buyer services in november 2014.today, she works in cataloguing and Private treaty sales, but come auction time, you’ll find her up on the stand taking bids from the highest bidder.

We caught up with her this summer to ask her a few questions about what its like to be a nAFA auctioneer.

emily Baumkencataloging & Private treaty sales coordinator, Auctioneer

How did you get started as a NAFA auctioneer? in the summer in of 2014, Yves ethier gathered a group of us together to start practicing the basics. You may also recognize Josh Molina and Vennesa Webster on the stand– we all trained together. We did about an hour of training each day based on exercises from a manual Yves had from his days at auctioneer’s school. We would do vocal and counting exercises; we had to run them forward and backwards, and then faster until we didn’t stumble anymore. We also practiced a lot of tongue twisters.

Becoming an auctioneer requires discipline and focus. there is a lot more going on than just counting numbers. it’s also important for us to speak clearly so that we are understood. We have so many buyers from around the world, and english may not be their first or even their second language. We want to make sure we are as clear as possible to all parties interested, and that our buyers know what they have bid on and that they are agreeing to it. it’s really important that our consignors can follow as well, because they are watching to see what their skins are selling for.

What is the most challenging part of being an auctioneer? in the beginning i was incredibly nervous. We all were. i still get nervous! You have to learn to be comfortable controlling the room, and that confidence comes with time. i try not to think about it too much before i go up. i like to start off spotting for about 20 minutes before my shift, and just watch the room for a little while, to get a feel for which buyers are active. i’ve also learned to trust my spotters more.

i don’t think i could have done it if i didn’t feel prepared. But that was the great thing about our training experience. everyone was really supportive, and really took the time to let us get our feet wet. senior management is personally and professionally invested in our development, and the atmosphere we learned in was very non-judgmental and non-threatening. they gave us good feedback and support, and everyone was generous with their time – that is what encouraged me to keep going.

What is the most rewarding? i feel like i have been through a rite of passage. that this year, we young auctioneers have been accepted into something special. i think being an auctioneer redefines the relationships you have with buyers and ranchers. not only are you literally much more visible, but after the auction you share something different. i know how they did, and they know how i did for them. We are all there doing business and we respect each other’s role in it. i think there is camaraderie in that.

it’s really nice that we are building a strong team of young people at nAFA who are contributing to areas of importance. it’s motivating to be given more responsibility, to be trusted, and to feel that you are a valuable part of the company. it is very encouraging, and it is something i don’t think young people get in most other companies.

14 | NAFA News

Last month, nAFA announced the establishment of the european Fur Farmers council (eFFc).

european fur farmers and nAFA have had a long and successful partnership based on entrepreneurship and trust. this mutually beneficial and financially rewarding relationship has resulted in a growing supply of top quality european fur to nAFA. however, international fur markets are evolving, and it has become clear that both the fur farmers and the auction house need to adapt in order to maintain and strengthen their market positions.

to realize this and consequently to achieve the best selling price for their skins, individual fur farmers and their auction house need to join forces and organize a countervailing power. together, we stand stronger. therefore, two years ago, nAFA pledged to organize a closer collaboration with our european partners. the result is the creation of the european Fur Farmers council (eFFc).

the eFFc represents european fur farmers, providing them with an organized position at nAFA. through the eFFc, european fur suppliers will have two observers attending nAFA board meetings. the eFFc will only be active in marketing and sales, the core activity of nAFA. the establishment of eFFc enables european and north American fur farmers to explore other ways of strengthening their partnership and represents a win-win-win alliance for all partners: north American ranchers, european ranchers and nAFA.

the eFFc board will consist of Puck hooglugt (chairman), krzysztof Pioszyk (Vice chairman) and Willy van der heijden. the board is supported by a secretary without voting rights.

14 north American and european ranchers united at nAFA

Puck Hooglugt

A mink farmer in the netherlands from 1991 -2000 Puck hooglugt began a second operation in Poland in 1996 that now produces over 50,000 mink pelts annually. he was born dutch and speaks fluent english and Polish.

Krzysztof Pioszyk

krzysztof Pioszyk began working in the fur trade in 1997 before becoming a mink farmer in 2009. today, with his brother Jarek and business partner Bo Larsen (denmark), he runs a mink farm in Poland that produces over 150,000 pelts annually.

Willy van der Heijden

A mink farmer in the netherlands since 1989, Willy van der heijden’s current operation produces more than 35,000 pelts annually. he is also a shareholder in an apple orchard of over 600 acres in canada.

NAFA News | 15

15 chris Vaughan and carlotta Pellizzari join nAFA

A message form Gregg Dolinsky, Sr. Vice President, Global Operations

i am pleased to announce that chris Vaughan has joined the nAFA family, accepting the position of u.s. director of rancher services. chris officially started at nAFA’s stoughton office on July 13, and attended our June/July auction in toronto as a guest.

chris is responsible for the solicitation and collection of ranch mink in the u.s., along with building and maintaining relations within the ranch mink community. he wil l be taking on many of the responsibi l i t ies performed by denis schmitt, who formally stepped down as senior Vice President, ranch relations in April after 26 years of dedicated service.

chris comes to us with over 20 years of extensive sales and marketing experience, and a proven record of maintaining exceptional customer and sales team relationships. Most recently, he held the position of division Vice President and director of Field operations for a major consumer products company. there, he was instrumental in implementing and rolling out new technology, hiring and training new sales staff and driving top line sales results while gaining market share from his industry competitors.

i’m confident that chris will be able to quickly grasp many of the key elements of our industry and create a strong first impression with our producers. his hire also demonstrates nAFA’s continued commitment to revitalizing and broadening our management team with a younger generation of talented professionals who can contribute to nAFA’s future for many years yet to come.

Please join me in welcoming chris to the nAFA family. chris can be reached at cvaughan@nafa.ca

A message from Rob Cahill, Sr. Vice-President, Marketing

i am pleased to announce that carlotta Pellizzari has accepted the position of nAFA Marketing representative in italy. carlotta will also provide guidance to our designer Brand outreach Program internationally, including the production of a nAFA promotional fashion magazine called ‘Frontrow: Fur in Fashion’.

carlotta comes to nAFA with 20 years of experience as advertising sales manager at Pellicce Moda Magazine (italy), and nearly 10 years as that publication’s editor-in-chief.

Pellicce Moda is the leading authority on the fur fashions in italy and around the globe, and is an internationally recognized magazine for auction houses, fashion buyers, furriers, boutiques, designers, manufacturers and wholesalers. carlotta’s experience with sales and marketing activities, creative production, and fur and fashion campaigns gives her a unique insight into both the fur and fashion worlds, and the intersection in which the two converge.

carlotta will work alongside nicoletta caldirolla for the coming months while some of our ongoing campaigns wrap up for this year. nicoletta has been a tremendous asset to nAFA for many years, and i am pleased that she is happy with these arrangements as she approaches full retirement.

Please join me in thanking nicoletta for her dedication and service to nAFA, and in wishing her all the best.

Please also join me in welcoming carlotta to the nAFA family. carlotta can be reached at cpellizzari@nafa.ca

NAFA Board of Directors Update

At nAFA’s Board meeting in chicago, iL on october 1 and 2, Bill evans and Laurie Wood were honored for their long-term commitments and contributions to nAFA’s Board of directors. Laurie and Bill have both been valued and significant members of nAFA’s Board of directors for more than a decade and we wish them all the best in their retirement.

christoper VaughanDirector, Rancher Relations, U.S.

carlotta PellizzariMarketing Representative

NAFA Canada HQ65 skyway Avenue

toronto, on M9W 6c7 t: 416-675-9320F: 416-675-6865

NAFA Canada West567 henry Ave

Winnipeg, MB r3A 0t8t: 204-774-1705F: 204-943-2941

NAFA USA205 industrial circle

stoughton, Wi 53589 t: 608-205-9200F: 608-205-9210

NAFA The Netherlandssprokkelveld 5-6596 dh

Milsbeek, the netherlands t: +31 485-514403F: +31 485-518833

NAFA Polandul. granitowa 10 Łozienica

72-100 gm. goleniow, Poland t: +48 91 350 9520F: +48 91 350 9539

www.nafa.ca

2016 Auction schedule

January 31 to February 4, 2016(on show January 26)

April 5 - 11, 2016(on show March 31)

May 31 - June 5, 2016 (on show May 26)

September 13 - 15, 2016 (on show september 9)