Outsource athletic footwear manufacturing group Yue Yuen has reported revenues of $2.1 billion for the first three months of 2023, a fall of 12% year on year.

Weakness in its manufacturing business because of “softer global demand for footwear amid high inventory levels across the industry” were the main reasons for this downturn, the Hong Kong-based group said. It pointed out, though, that it had seen “relatively resilient demand” for its higher-end products.

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