Two of the largest footwear manufacturers in China and Southeast Asia reported ongoing declines in their October 2025 footwear shipments, albeit at a more aggressive pace than the decline reported in September 2025. The larger declines in October 2025 occurred as one company had to cycle against a significant increase in October last year, while the other cycled against a substantially more negative trend in October last year.

Feng Tay Enterprises
Feng Tay Enterprises, one of the longest-tenured producers of Nike footwear, reported that manufacturing revenues dipped 2.3 percent year-over-year (y/y) to NT$7.00 billion in October 2025. The decline returned to its low-single-digit trend, following a flattish downward trend in September and a 3.7 percent year-over-year (y/y) decline in August 2025.

In October 2025, the company’s shipment decline came on top of the previous year’s trend, which saw the October 2024 shipment value fall by nearly 10 percent year-over-year. This trend continued into November and December last year.

Ten-month year-to-date (YTD) shipment revenues were down 4 1 percent through October 2025 to NT$69.7 billion.

Feng Tay Enterprises reports in New Taiwan dollar (NT$) currency.

Yue Yuen Manufacturing
Yue Yuen Industrial (Holdings) Limited’s manufacturing business, which is responsible for footwear production for a large portion of major outdoor and athletic brands in the U.S. and Europe, experienced another decline in footwear shipment value in October 2025 as revenues fell 7.7 percent year-over-year (y/y), a sharper negative trend trend sequentially after the company saw shipments fall 3.8 percent y/y in September. The month’s decline is in sharp contrast to the October 2024 trend, when Yue Yuen posted a 21.3 percent increase compared with the prior-year October period.

The Manufacturing business was still up just 1.2 percent for the 2025 ten-month YTD period through October.

Total net consolidated operating revenue generated in October 2025 by Yue Yuen Industrial (Holdings) Limited, including the footwear manufacturing business and retail stores throughout China, declined 5.6 percent y/y to $699.1 million.

Pou Sheng China retail revenues dipped 0.7 percent in October 2025, a far more moderate trend than the 4.8 percent y/y decline in September.

The company’s net consolidated cumulative operating revenue for the 2025 YTD period through October remained in negative territory, slipping 1.5 percent y/y to $6.72 billion, due in large part to issues on the manufacturing side of the business.

Yue Yuen and its footwear manufacturing business trade and report in U.S. dollars ($) currency. 

Image courtesy Feng Tay Enterprises