China's leather shoe industry has 'bottomed out'
Speaking with local media in early December, vice chairman of China’s Red Dragonfly footwear company, Qian Fan (pictured, right), put forward the opinion that the country’s leather shoe industry has finally “bottomed out” after a couple of years of turmoil and “reshuffling”.
For Mr Qian, the way forward is digitisation, including livestreaming and online retail, which the company has been pursuing for around two years now.
In an indication of how well this tactic has been going for Red Dragonfly so far, the brand’s 2020 Double 11 GMV increased 111% on the previous year and Red Dragonfly was ranked within the top three brands in the fashion footwear category on Alibaba’s Tmall.
Specifically, the brand’s flagship store ranked first in the men’s footwear category and fourth in the women’s footwear category.
Currently, Red Dragonfly is “incubating new brands”, Mr Qian said, which will form separate entities from the existing Red Dragonfly portfolio.
