Chinese vertical knitwear manufacturing group Shenzhou International has revealed its revenues declined by 14.9% year on year for the six months ended June 30.

The company, based in the city of Ningbo, Zhejiang province, instead brought in $1.6 billion (¥11.6 billion) for the entire first half. It is well-known for serving as a major supplier to global sports brands like Nike and adidas.

Shenzhou cited weakened consumer demand, destocking and lower-than-normal utilisation of its operational capacity in covid’s wake as important contributing factors.

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