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Is the shoe industry moving to Southeast Asia?
From: Dongguan Xuan Yu Shoes Co. Ltd. Post date: 2021-03-23

Yuyuan group will transfer to Southeast Asia in the second half of the year

On September 10, Yu Yuan group, a global international brand of sports shoes and casual wear shoes manufacturer, issued an August earnings announcement. The announcement shows that the net comprehensive operating income of the group in August is US $840million, and the net comprehensive accumulated operating income from January to August 31, 2019 is US $6.708 billion.

Yuyuan group, as an international well-known sportswear brand manufacturer such as Nike group and adidas Group, also released its mid-term report for 2019 last week, in which the operating revenue is about US $5.070 billion, the gross profit is about US $1.272 billion and the profit is about US $195 million.

According to the financial report, the revenue of sports shoes is US $2.101 billion, accounting for 41.4% of the total revenue; the revenue of leisure shoes and outdoor shoes is US $530 million, accounting for 10.5%; the revenue of sports sandals is US $59.1 million, accounting for 1.2%; the revenue of sole, accessories and others is US $240 million, accounting for 4.7%; the revenue of clothing wholesale (TCHC group) is US $172 million, accounting for 3.4%; the revenue of sports sandals is US $59.1 million, accounting for 1.2%; Retail sales - footwear, clothing and rental revenue was $1.97 billion, accounting for 38.8%.

Yuyuan group said it expects to transfer more manufacturing industries from China to other Southeast Asian countries as the US China trade conflict shows no sign of abating.

"The US government plans to impose a 10% tariff on US $300 billion of exports from China, including footwear, which will further accelerate the pace of capacity transfer from China to Southeast Asia," the company's chairman said when management reviewed the company's half year results.

In the first half of this year, Vietnam accounted for 45% of Yuyuan's shipments and Indonesia for 38%. The Chinese mainland accounts for 13%.

In addition, the chairman of the company said: "the group will continue to transfer its manufacturing capacity from China to Southeast Asia, taking into account the labor supply in our country, especially in Vietnam." He is also concerned about the continued uncertainty surrounding the financial crisis in the United States and China. Future trade policies may affect consumer sentiment.

"In order to meet these challenges and maintain our long-term position, we continue to strengthen the implementation of automated production, improve our operational efficiency through process reengineering, and provide differentiated value-added and one-stop OEM / ODM services for customers who maintain long-term relationship with us. We are also making further efforts to promote environmental sustainability, focusing on the long-term growth feasibility of our business. " The chairman of the company said.

In terms of production and manufacturing, Yuyuan group will focus on strengthening lean production, improving production efficiency, adapting to flexible facilities configuration and frequent production line reset, introducing automatic equipment and machinery, improving technical innovation, focusing on process reorganization and automation to improve efficiency.

In the first half of the year, Yuyuan Group invested $101.9 million in product opening. For each customer with the main brand of research and development team, the group established independent product R & D Center for its research and development team to assist the customer R & D. In addition, Yu Yuan also actively improves the efficiency of the production process, improves the production delivery period and develops new technology, produces high-quality shoes products, and integrates innovative elements and environmental protection materials into the products.

The instability and complexity of trade relations between China and the United States have prompted Yuyuan group to move to Southeast Asia. However, the differences in economic situation, retail confidence and consumption between China and the United States also require Yu Yuan group to pay close attention to the economic and political situation. Among them, the pursuit of sports and leisure fashion in China has made the group optimistic about the long-term growth prospects of sports goods retail. At present, the risk of the downward growth of the US economy is rising, and the old department stores in Europe and America are closed and bankrupt, which has a serious impact on the retail industry. How to develop in the future, Yu Yuan is also required to further stabilize the long-term profitability.

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