In releasing its monthly revenues, Yue Yuen said it finished the 2021 calendar year with an increase of just 1.1 percent in total revenues to $8,533.4 billion, with a drop of 2.1 percent in December. Calculations indicate that the group’s shoe and components manufacturing operations booked a sales increase of 9 percent for the year to $4,870 million, with a 17 percent rise in December offsetting a decrease faced in the third quarter due to factory closures in Vietnam. The group’s Chinese retail business, represented by Pou Sheng, instead suffered an implied decline of 8 percent for the year to $3,663 million, including a drop of 23 percent for the month of December. Besides some local Covid-related store closures, the retail business suffered from natural disasters and the Chinese consumers’ backlash against western brands because of their opposition to sourcing products from the Xingjiang province.

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