Looking at the crocodile business; the global high-end leather goods market was not spared from COVID-induced depression in sales volumes for 1H20; albeit a strong recovery in sales in 2H20 driven by Asia as lockdown restrictions eased in that area. Despite achieving good quality (82% of Padenga’s crocodile skins achieved 1st Grade; 2019 82%); increased relative demand from Asia contributed to a shift in consumer dynamics in favour of smaller handbags and therefore smaller skins; an average crocodile skin size of 33.8cm was consistent with customer requirements. Crocodile skins 40cm/+ size were rejected regardless of quality and were/will be sold at reduced prices negatively impacting Padenga. Despite this, crocodile sales volumes ...
