What happened last week: Activity last week focused entirely on the APLF fair in Hong Kong and, although many claimed it was not worth a visit, almost everybody attended. There are always assumptions regarding business and attendance and many are likely to complain about the show and its results. Attendance was actually fairly high during the first two days but dropped sharply on Friday. A general statement regarding fair results would not be appropriate as it would narrow the focus on individual segments. As far as we are concerned we were positively impressed by the shoe presence and what leather-goods tanners delivered. Leather orders remain strong and manufacturers are busy. This may not come as a surprise but it proves that order books are nicely filled and nothing suggests this is a short-lived trend.

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