Reduced Sneaker Orders Lead to Factory Layoffs
Pou Yuen Vietnam Co. Ltd., a subsidiary of sneaker giant Yue Yuen and a key footwear supplier to Nike, Adidas and other brands, is laying off about 3,000 workers in the manufacturing zone in and around Ho Chi Minh City. Yue Yuen’s owner, Pou Chen Group, acknowledged the layoffs in a Taiwan Stock Exchange filing. Another 3,000 factory workers will be let go after their current employment contracts expire, with reduced order volumes the cause. U.S. sneaker imports from Vietnam increased in Q4 against 2021’s Covid factory shutdowns, but declined 22% ... Log in to view full article.