Mink production plunged after a bubble of oversupply reduced prices, while demand for mink has fallen in countries such as China, the world’s biggest retail market for fur. A number of top fashion companies, such as Gucci and Chanel, have also stopped using fur in their collections.

The pandemic is further hurting demand. China is reportedly looking to protect its producers of mink and other furs by reclassifying the animals as livestock rather than wild animals, a move Humane Society International says shields the industry from pressure to stop farming wild species because of fears they could incubate and spread disease.

📬 Sign up for the Daily Brief

Our free, fast, and fun briefing on the global economy, delivered every weekday morning.