Yue Yuen’s revenues were down by 24 percent to $541.5 million year-on-year in September, with decreases of 22 percent in manufacturing and 25 percent at retail. Total revenues were still up by 6 percent to $6.44 billion for the first nine months of this year. The company relies on Vietnam for more than half of its total shoe production, and the Covid-related factory closures in the country already led to an 18 percent drop in its manufacturing revenues during the month of August. They also led to a 44.2 percent drop in the country’s total footwear exports to around $700 million in September, according to the local leather, footwear and leathergoods industry association, Lefaso. A survey showed that about 21 percent of Vietnam’s footwear and apparel companies suffered order cancellations and demands for compensation for late deliveries, according to VNExpress.

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