Yue Yuen expects a year of ‘revitalisation’
Outsource athletic footwear manufacturing group Yue Yuen has reported revenues of just under $8.5 billion for 2020, a fall of 16.4% year on year.
In the course of 2020, Yue Yuen shipped 244.4 million pairs of shoes, a fall in volume of 24.2% compared to the previous year.
It attributed this decrease in volume to delayed shipments and adjusted and cancelled orders from customers. This, in turn, was a response to lower consumer demand resulting from covid-19, the Hong Kong-based group said.
It said business had picked up towards the end of the year and its results for the fourth quarter showed year-on-year growth.
The average selling price of its shoes increased by 3.8% to $17.89 per pair. Yue Yuen said this was primarily because of “resilient demand for high-end categories” in its product portfolio.
Striking an optimistic note, group chairman, Lu Chin Chu, said on announcing the results that he thought 2021would be “a year of revitalisation and rejuvenation”.
