Vietnam lock-downs hurt Yue Yuen
Athletic footwear manufacturing group Yue Yuen has reported revenues of $8.5 billion for 2021, an increase of 1% compared to the previous year.
The volume of shoes the group shipped during the year was 238.3 million pairs, representing a decline of 2.5% year on year. It said there had been a solid recovery in demand in the early part of 2021, but that this had been “neutralised” by pandemic-provoked lockdowns in Vietnam later in the year.
This caused halts in production and material bottlenecks at Yue Yuen factories in Vietnam, but it said activity there had picked up from October onwards.
It said it was “cautiously optimistic” about a continued recovery in momentum now, with global demand for athletic footwear strong and “a more visible order pipeline”.
