Two of the largest footwear manufacturers in China and Southeast Asia reported ongoing year-over-year declines in their November 2025 footwear shipments. One had a much steeper decline trend in November than in October, while the other showed a more moderate trend line, as both were cycling against double-digit increases in November 2024.

Feng Tay Enterprises
Feng Tay Enterprises, one of the longest-tenured producers of Nike footwear, reported that manufacturing revenues fell 11.8 percent year-over-year (y/y) to NT$7.16 billion in November 2025. The decline accelerated sharply from the 2.3 percent decline in October 2025, as it had to anniversary against the 10.9 percent increase posted in November last year. The month’s decline was the largest since May 2025, when Feng Tay posted a 23.4 percent decrease versus May 2024.

Eleven-month year-to-date (YTD) shipment revenues were down 4.9 percent to NT$76.9 billion through November 2025.

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 (-2.4 percent) in footwear shipment value in November 2025, but at a more moderate trend than the 7.7 percent year-over-year decline in October. The month’s decline is in sharp contrast to the November 2024 year-over-year trend, when Yue Yuen posted a 17.0 percent increase compared with the prior-year November period.

The Manufacturing business was still up for the 2025 11-month YTD period through November, as revenues inched up 0.9 percent year-over-year.

Total net consolidated operating revenue generated in November 2025 by Yue Yuen Industrial (Holdings) Limited, including the footwear manufacturing business and retail stores throughout China, declined 3.1 percent y/y to $660.2 million.

Yue Yuen’s Pou Sheng China retail revenues fell 5.1 percent in November 2025, a far sharper trend than the 0.7 percent y/y decline in October.

The company’s net consolidated cumulative operating revenue for the 2025 YTD period through November remained negative, slipping 1.6 percent y/y to $7.38 billion, largely due to issues on the retail side of the business.

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

Image courtesy Yue Yuen Industrial (Holdings) Ltd.