Cashmere prices set to soar after harsh winter in Mongolia: The cost of cashmere sweaters and coats is set to soar after harsh winter weather in Mongolia wiped out a quarter of the country’s wool producing goats. The especially soft yarn, which is used by a host of retailers including Marks & Spencer and Burberry, comes from the coats of the shivering goats.
A herd of goats in Mongolia Harsh conditions: The mercury plunged to -45C in the region during the winter The animals produce the cashmere to keep them warm from the chilly conditions. But the mercury plunged to -45C in the region this winter freezing a quarter of the goats which either died from exposure or were eaten by hungry locals. Experts say the lack of supply and increased demand could drive up prices by as much as 40pc. It is the latest blow to Britain’s fashion retailers who have already said High Street prices may rise 8pc due to a spike in cotton prices. Victoria Stapleton, founder of cashmere retailer Brora, said: ‘Cashmere prices will have to go up between 10-20pc. It is terrifying for nomadic herdsmen whose whole livelihood is based around the goats.’