Jiuxing holdings, the world's largest fashion shoe manufacturer, reported revenue of $762.4 million in the first half of the year, up 5.7 percent from $721.4 million a year earlier.

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Thanks to a surge in the demand for men's footwear (manufacturing revenue rose 36.6 per cent), manufacturing revenues grew 4.2 per cent in the first half of the year, to $727.5 million from $698.2 million in the same period last year.

Shipments were up 6.3 per cent year-on-year to 27 million pairs, but the average selling price of shoes fell 1.9 per cent to $26.6 from $27.1 in the same period last year, mainly due to changes in customer portfolio.

Fashion shoes still make the biggest contribution, accounting for 36% of the group's revenue, while leisure shoes and fashion shoes contribute 29.3% and 28.8% respectively. By region, the largest market in North America accounted for 47.1 percent of the group's revenue, followed by Europe with 29.7 percent and China 13.5 percent.

Nine hing holdings in the results, said most of the export market of the low wage growth and low inflation continues to curb consumers and customer confidence, affect the corporation's future requirements planning, and in the second half of the external environment is difficult to change, so the management decided to limit production growth, and continue to reduce the number of employees to control the productivity and cost.

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As of June 30, the group had a total of about 67,000 employees, down 4,000 from 71,000 as of December 31, 2016.

In addition, the group will further expand the manufacturing capacity of high-growth fashion footwear in the second half of the year, or adjust the existing capacity. A new factory that focuses on fashion products will go into production in Vietnam, reflecting the group's accelerated shift to southeast Asia.

The group now has manufacturing sites in guangdong, hunan, guangxi, Vietnam, Indonesia and Bangladesh, and has established positions in the Philippines and myanmar.
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