VIETNAM LEATHER AND FOOTWEAR INDUSTRY REPORT Q1/2018

VIETNAM LEATHER AND FOOTWEAR INDUSTRY REPORT

Q1/2018

Contents

Executive summary 5

1. Business environment 7

1.1 Macroeconomic situation 7

1.2 Legal framework 14

1.3 Free trade agreements 18

2. Overview of Global Leather and Footwear Industry 27

2.1 Value chain of Leather and Footwear Industry 27

2.2 Production Methods 30

2.3 Leather industry 32

2.3.1 Raw materials 33

2.3.2 Production 34

2.3.3 Consumption 35

2

2.3.4 Import export 36

2.3.5 Price movements 37

2.3.6 Some typical countries 38

2.4 Footwear industry 39


2.4.2 Production 41


2.4.4 Import export 43

2.4.5 Footwear prices 46

2.4.6 Some typical countries 47

2.4.7 Some famous brandname 50

Contents

3

3 Overview of Vietnam Leather- Footwear industry 52

3.1 History of Establishment and Development 52

3.2 Industry Scale and Features 55

3.3 Leather industry 58


3.3.2 Production – Consumption 60

3.3.3 Export 61

3.3.4 Import 62

3.3.5 Inventory 63

3.4 Footwear industry 64


3.4.2 Production 68


3.4.4 Export 76

3.4.5 Import 81

3.4.6 Footwear prices 82

3.4.7 Inventory 83

3.4.8 Distribution channels 84

3.5 Some other leather products 88

3.6 Machinery/Technology 90

3.7 Risks and Threats 94

3.8 Industry Planning 99

3.9 Driving Forces and Forecasts 103

4. Enterprise Analysis 109

Appendix 120

4

MOIT Ministry of Industry and Trade

MARD Ministry of Agriculture and Rural Development

CBICentre for the Promotion of Import from developing

countries

CICB Centre for the Brazilian Tanning Industry

FAOFood and Agriculture Organization of the United

Nations

FED Federal Reserve System

IMF International Monetary Fund

Abbreviation

Lefaso Vietnam Leather, Footwear and Handbag Association

GDVC General Department of Vietnam Customs

GSO General Statistics Office of Vietnam

UN Comtrade United Nations Commodity Trade Statistics Database

USITC United States International Trade Commission

VIRAC Vietnam Industry Research and Consultant

World Footwear

5

The global tanning industry is characterized by

small and medium sized family businesses.

In recent years, the global consumption growth

has been negligible for cowhide and decreased

2%/year for sheep and goat skins.

The Far East continues to be the largest net

importer of cow leather.

Executive summary

Latin America is expected to continue to be

the most important net exporter of bovine

leathers.European intra-regional trade is the largest

component of the international footwear

trade, accounting for almost one third of

world exports.

The world's average export price of footwear

has increased steadily over the years,

The most prominent issues of the Vietnamese

tanning industry are raw materials,

environmental issues, production technology

and human resources.

Content is intentionally removed for demo purpose

6

Leather and footwear manufacturing is a key

industry of Vietnam,

Import value of footwear in the years 2010 -

2015 of Vietnam was recorded at a low level of

just under USD 100 million.

Inventory tended to decrease in 2016 and

2017.

Executive summary

.


7

1. Business environment

1.1 Macroeconomic situation

1.2 Legal framework

1.3 Free trade agreements

Contents

8



• GDP growth in 2017 reached 6.81%,

• Causes leading to GDP growth in 2017:

• Consumer price index (CPI) in 2017 has a lot of changes.

• According to the General Statistics Office, there were 8/11 groups of

goods and services having CPI increase in December compared with

the previous month

Source: VIRAC, GSO

GDP growth rate, 2010 – 2017

Source: VIRAC, GSO

Monthly CPI fluctuations, 2014 - 2017


9

Increasing disposable income is a positive factor in boosting the

domestic footwear and handbags industry.



Average population and population growth, 2006 -2017

Million people

Total disposable income and household expenditure, 2010 – 2017f

Source: VIRAC, Economist Intelligence Unit

USD billion

Source: VIRAC, GSO


10

• Vietnam's import and export in 2017 still heavily depends on FDI inflows.



Source: VIRAC, GDVC

Source: VIRAC, GDVC

USD millionExport and import turnover, Q1/2015 – Q4/2017

Export structure by commodity category, 2017


11



The movement of exchange rate in 2017 was quite bleak, VND/USD

exchange rate did not have many fluatuations

In 2017, foreign investors have invested in 19 industries,

Source: VIRAC summarized

Source: VIRAC, FIA

FDI attraction by sectors, 2017

VND/USD exchange rate, 2016 - 2017


12


1.1 Macroeconomic situation – The effect of related industries

Source: VIRAC, GSO

The market share of modern retail in total retail revenue, 2014

Source: VIRAC, GSO

VND trillion

Retail sales in Vietnam, 2010 - 2017


13



• Consumer confidence index in Vietnam remained stable at a high

level in Q3/2017, with 116 points (down 1 point from Q2/2017).


Consumer confidence index – CCI


14



1.2 Legal framework


Contents

15

Regulations on export-import:

Document Date Ministry/Department Content

Legal documents related to leather quarantine


1. Business Environment

1.2 Legal Framework


16


1.2 Legal framework


17

Regulations on production:


1.2 Legal framework


18



1.2 Legal framework


Contents

19

Vietnam's integration process since 1995 to date

By the end of 2017, Vietnam has signed, implemented and has been negotiating a total of 16 FTAs. Vietnam’s accession to international trade

agreements brings both opportunities and challenges for domestic firms.


1.3 Free trade agreements - TPP

1998 2000 2002 2007 2008 2009 2011 2015 2016 201720061995


20

TPP is a free trade agreement among 12 countries with the purpose of economic integration in the region of Asia – Pacific.


1.3 Free trade agreements – CPTPP


21

Products Country MNF taxes

Tax reduction

• The Agreement is expected to come into effect in 2018

Rules of Origin

Current leather – footwear import taxes of

some countries

Source: VIRAC, Lefaso


1.3 Trade Agreements- TPP


22

Products Current taxes Tax reduction schedule

Tax reduction schedule for footwear products and footwear materials of Vietnam

Source: VIRAC, MOIT


1.3 Trade Agreements - TPP


23


1.3 Trade Agreements - TPP


24

Vietnam – EU Free Trade Agreement

Category GSP EVFTA



1.3 Trade Agreements - FTA

Some regulations of EVFTA and GSP


25

Technical barriers in the EU market

Leather products Footwear

Some regulations of the EU with imported leather – footwear products



1.3 Trade Agreements - FTA


26

Tariff reductions and technical barriers

Impact Assessment


1.3 Trade Agreements – ASEAN Economic Community (AEC)


27

2. Overview of global leather and footwear Industry

2.1 Value chain of Leather and Footwear Industry

2.2 Production Methods

2.3 Leather industry

2.4 Footwear industry

Contents

28




29

Designing

Manufacturing

Retailing




30

Contents






31

OEM/FOB

ODM

OBM



Source: VIRAC


32

Contents






2. Overview of global leather and footwear industry

2.3 Leather industry – 2.3.1 Raw materials

33

Source: VIRAC, FAO

95% of the world's leather material comes mainly from the food industry and

is directly affected by meat and milk demand.

Number of cow, buffalo, sheep, goat and other animals

providing soft leather, 2010 – 2015e

Cowhide, buffalo hides, sheepskin and goat skin, 2010 – 2015e

Thousand pieces

Head

Source: VIRAC, FAO


34


2.3 Leather industry – 2.3.2 Production

India and Brazil have abundant sources of raw materials and have

developing tanning industry.

South Africa's leather industry has long been one of the strongest

growing regions in Africa.

Thousand tons

Leather production, 2010 - 2015

Source: VIRAC, FAO


35


2.3 Leather industry – 2.3.3 Leather consumption

Source: VIRAC, FAO

Million square feetLeather consumption, 2010 – 2014

Leather consumption structure by products, 2013

Source: VIRAC


36


2.3 Leather industry – 2.3.4 Leather import-export

Source: VIRAC, UN comtrade

USD billion

Export in 2016 Import in 2016

CountryValue

(USD billion)Country

Value(USD billion)

Top importing – exporting countries HS 41, 2016e*HS 41



Leather export structure by type, 2016Export of raw hides and tanned hides, 2012 - 2016


37


2.3 Leather industry – 2.3.5 Leather price movements

Source: VIRAC, FED, IMF

Rawhide price fluctuations in the US, 1/2012 - 6/2017

USD/ton


38

2. Overview of Global Leather and Footwear Industry

2.3 The Leather Industry – 2.3.6 Typical countries

India

Bangladesh

Brazil

Ethiopia

Pakistan

Italia


39

Contents






40


2.4 Footwear industry – 2.4.1 Raw materials

Annually, imports and exports of raw materials remain at USD 6-7 billion

with uneven growth.

Source: VIRAC, Trademap

USD billion

Top importers of footwear materials, 2016e

Most of the top 2016 importing countries are the largest exporters of

footwear.


Footwear material import, 2010 – 2016e


41


2.4 Footwear industry – 2.4.2 Footwear production

According to World Footwear data, total global footwear production

maintained at 23 billion pairs in the last two years after an average growth of

5% from 2010 to 2014.

Source: VIRAC, World Footwear

No Country Share Volume

Top 10 footwear producers 2016


Billion pairs


Global footwear output, 2011 - 2016

Footwear production structure by region, 2016


42


2.4 Footwear industry – 2.4.3 Footwear consumption

Top 10 footwear consuming countries, 2014 - 2016 (Million

pairs)

Source: VIRAC, Worl Footwear


Billion pairs


No Country 2014 2015 2016

Global footwear consumption, 2010 - 2016

Market share of consumption by region, 2016


43


2.4 Footwear industry – 2.4.4 Footwear import-export



44


2.4 Footwear industry – 2.4.4 Footwear import-export – Export

No CountryValue

(USD thousand)

Share(%)

Growth rate

compared to

2015

Top 10 footwear exporting countries by value, 2016

Source: VIRAC, World Footwear, Trademap

USD billion

Source: VIRAC, World Footwear, Trademap

Footwear exports, 2010 – 2016e


45


2.4 Footwear industry – 2.4.4 Footwear import-export - Import


Market share (import value) by region, 2016

No Country Value Share

Top 10 footwear importing countries by value, 2016




2.4 Footwear industry – 2.4.5 Footwear prices

46


The movement of average global footwear export price, 2004 - 2015

Source: VIRAC, The Bureau of Labor Statistics

CPI of footwear in urban areas of the world, 1/2012 - 12/2017Content is intentionally removed for demo purpose


2.4 Footwear industry – 2.4.6 Some typical countries

47

China - Exporting shoes more than any other country




48

The US - The world's largest footwear importing country

USD billion


Footwear import-export in the US, 2010 - 2016




49

EU - The world's largest shoes importing region

USD billion


Footwear import-export in EU, 2010 - 2016


50


2.4 Footwear industry – 2.4.7 Some famous shoe brand names

# 1: Nike

# 2: Adidas

# 3: Converse

# 4: Reebok

# 5: Vans


51


2.4 Footwear industry – 2.4.7 Some famous shoe brand names

# 6: Puma SE

# 7: Steve Madden

# 8: Dr. Martens

# 9: Aldo

# 10: New Balance


52

3. Overview of Vietnam Leather- Footwear industry

3.1 History of Establishment and Development

3.2 Industry Scale and Features



3.5 Some other leather products

3.6 Machinery/Technology

3.7 Risks and Threats

3.8 Industry Planning

3.9 Driving Forces and Forecasts

Contents

53




54




55











Contents

56

Category Value

General information about the leather and footwear industry of Vietnam

Source: VIRAC, GSO, GDVC

3. Overview of Vietnam's Leather and Footwear Industry

3.2 Industry Scale and Feature


57


3.2 Industry Scale and Feature

Localization ratio by enterprises and sectors (%)


58











Contents

59


3.3 Leather industry – 3.3.1 Leather materials

NThe major factors of the Vietnam tanning industry include raw material

sources, environment, production technology and human resources.

The number of buffalo, cow, goat and other animals supplying soft leather

2010 - 2015

Thousand pieces Thousand tons

Source: VIRAC, FAO

Head

Source: VIRAC, FAO

Unprocessed hides, 2010 – 2015 Content is intentionally removed for demo purpose

60

The fact is that there are no new businesses expanding, new investment

in leather production due to many difficulties:

Total output of leather products, 2012 – 2017e


3.3 Leather industry – 3.3.2 Leather production and consumption

Source: VIRAC, GSO

Million m²

* Excluding synthetic leather


61


Source: VIRAC, UN Comtrade, Lefaso


3.3 Leather industry – 3.3.3 Leather import

USD million

Leather imports, 2010 - 2017e

Leather import structure by country, 2017eContent is intentionally removed for demo purpose

62

Source: VIRAC, UN Comtrade


3.3 Leather industry – 3.3.4 Leather export

Leather exports, 2012 – 2016e Leather export structure by country, 2016e


USD million


63

Source: VIRAC, GSO


3.3 Leather industry – 3.3.5 Inventory

Thousand tonsLeather inventory by type, 2010 - 2017e


64











Contents

65

Imports of textile and garment materials, leather and footwear have increased steadily over the years with a CAGR of 10.94% in the period 2010 – 2017e



Import of textile and leather – footwear materials, 2010 – 2017e

Source: VIRAC, GDVC

USD million


66


Raw materials Capacity/Demand

Materials supply capacity, 2015



3.4 Footwear Industry– 3.4.1 Raw Materials

Import structure (value) of raw materials by

country, 2015

Source: VIRAC, GDVC

Import structure of textile and garment materials,

footwear by country, 2017e


67

The reasons of shortage of raw materials are:



Export of textile and leather – footwear materials, 2012 – 2017e

Export structure of textile and leather – footwear materials, 2017e

USD million

Source: VIRAC, GDVC

Source: VIRAC, GDVC


68

Number of enterprises by region, 2015



Source: VIRAC


69

The growth rate of footwear production has fallen sharply since 2016e,



Output of main products, 2012 – 2017e

Source: VIRAC, GSO

Million pairs


70

Source: VIRAC

Vietnam is in the top four largest footwear producers in the world in terms

of quantity,

The domestic market with more than 90 million people is a great potential

for leather and footwear industry, especially under the faster growth of the

economy and the strong development of online shopping in Vietnam.




Million pairs

VND trillion

Retail sales of footwear, 2012 - 2017e

Domestic footwear consumption, 2010 - 2016e


71

Sneakers sales increased sharply in 2017,



Source: VIRAC

Source: VIRAC

VND billion

Sales of some major sneakers, 2017e

Sneakers retail sales, 2012 - 2017e


72


Women's footwear consumption accounts for the largest share of the

market in terms of value. Women's footwear continued to grow

rapidly in 2017.

Consumer structure by shoe spending per month, 2013



Source: VIRAC

Consumption struction by value, 2017e


73

Vietnam China

Competitive comparison between Vietnamese and Chinese products

Source: VIRAC

Source: VIRAC, VITIC



Structure of footwear consumption, 2014


74

Footwear consumption segments in Vietnam

Source: VIRAC




75

Consumption trends:




76

Footwear exports, 2012 –2017e


3.4 Footwear industry – 3.4.4 Footwear export

USD million

Source: VIRAC, GDVC


77



Vietnam's footwear exports have increased in most markets, especially

China, Germany and the United States.

USD million

Source: VIRAC, GDVC

Footwear exports by country, 2016 - 2017e


78

No FDI Vietnam

Source: VIRAC, GDVC

Typical footwear exporting enterprises, 2017Contribution structure of enterprises in

leather - footwear export, 2012 –2017e





79

Top major importing markets of the US, 2012 - 2016


Unit: USD million

Top major importing markets of EU-28, 2012 - 2016

Source: VIRAC, Eurostat

Unit: EUR million




80


Export value by HS codeUnit: USD million


Export price by HS code in some countriesUnit: USD




81




3.4 Footwear industry – 3.4.5 Footwear import

Footwear imports, 2010 – 2016e

USD million

Footwear import structure by country, 2016e


82


Price of some major footwear types in Vietnam, 2012



3.4 Footwear industry – 3.4.6 Footwear prices

Average footwear export price, 2014


83

Source: VIRAC, GSO


3.4 Footwear industry – 3.4.7 Inventory

Thousand pairs

Footwear inventory accounts for about 2% of total annual production.

Inventory, 2012 - 2017e


84



3.4 Footwear industry – 3.4.8 Distribution channels


Distribution system specialized in shoe items:

Non-specialized distribution system

85

Importers/Wholesalers

Agents

Suppliers/Shopping malls

Shopping malls are divided into 2 types:




86

Retailers specializing in shoe items

Footwear stores

Non-specilized stores

Sportwear retailers

Supermarkets, markets and discount stores




87

Market stalls / markets and factory outlets

Online shopping / home delivery




88











Contents

89

Products are related products: handbag, suitcase, bag

Source: VIRAC, GDVC

Source: VIRAC, GDVC



USD Million

Export of bags, suitcases, wallets, etc 2012 – 2017e

Export structure by enterprise, 2013 – 2017e


90











Contents



91

Besides the difficulties in raw materials, Vietnam also has difficulties in

terms of technology when machinery of leather and footwear has just

stopped at medium level.

Source: VIRAC, UN Comtrade, Lefaso

Machinery imports, 2010 – 2017e


USD million

Machinery import structure, 2017eContent is intentionally removed for demo purpose

92

Traditional

technology

New

technologySaving

Tanning technology in Europe

Source: VIRAC

Traditional technology Cleaner technology

Tanning technology in Vietnam

Source: VIRAC


3.6 Machinery – Technology - Tanning


93

Manual and semi-automatic manufacturing


3.6 Machinery/Technology- Footwear production

That automatic Robots are used by the big shoe brands is a threat to

Vietnam.


94











Contents



95


Economic integration risks

Legal risks



96


Economic risks

Labour risks

Raw material risks



97

Competive risks

Risks from industrial revolution 4.0


Difficulties in grasping the domestic market

Strengths Weaknesses

Opportunities Threats



98


99











Contents

100

Development purposes

General purposes of the industry





101

Production volume


Strategic products planning



Growth rate of product output (%/year)Content is intentionally removed for demo purpose

102

Investment planning

Material and auxiliary industries development solutions Market solutions

Some solutions implementing the plan

Total investment capital in planning period (VND billion)





103











Contents

104

Domestic market Export markets


3.9 Driving Forces and Forecasts - Driving forces for development


105

Labour cost comparison between some major footwear producer countries (USD/hour)


3.9 Driving Forces and Forecasts - Driving forces for development

Source: VIRAC, Chinaleather


106


3.9 Driving Forces and Forecasts – Global forecast


USD billionGlobal footwear consumption forecast, 2015e - 2020f


107


3.9 Driving Forces and Forecasts – Vietnam forecast

USD million Million pairs

Footwear sector scale forecast, 2010 – 2020f

Source: VIRAC

summarized


108


3.9 Driving Forces and Forecasts – Vietnam forecast


109

4. Enterprise Analysis

Contents


110

Conpany Information

10 enterprises having the highest revenue in the leather and footwear industry



111

Company Information



112

Company Information



113


VND Trillion

VND trillion

Source: VIRAC

Source: VIRAC

Net revenue, 2015 - 2016

Gross Profit, 2015 - 2016


114


VND Trillion

Source: VIRAC

Source: VIRAC

Corporate Income Taxes, 2015 - 2016

Pou Yuen’s profits


115


VND billion

Source: VIRAC

Source: VIRAC

VND billion

Selling expenses, 2015 - 2016

General & Administrative expenses, 2015 - 2016


116


VND Billion

VND Billion

Source: VIRAC

Source: VIRAC

Self-financing rate, 2015 - 2016

Liabilities,, 2015 - 2016


117


Turnovers Inventories days Total assets turnover Average collection period

Other indexes, 2016


118


Source: VIRAC

Profit margin, 2015 - 2016


119


Source: VIRAC

Solvency, 2015 - 2016


120

Appendix: Financial Statements

Content

Pouyuen Vietnam Co., Ltd.

BALANCE SHEETS

Unit: VND million 2015 2016

A. CURRENT ASSETS

I. Cash and cash equivalents

II. Short-term financial investments

III. Short-term receivable

1. Short-term receivables of customers

IV. Inventories

B. NON CURRENT ASSETS

TOTAL ASSETS

A. LIABILITIES

I. Current liabilities

1. Borrowings and short-term financial leased

liabilities

2. Taxes and other payables to the State budget

II. Non current liabilities

1. Borrowings and long-term financial leased

liabilities

2. Provision for long-term payables

B. OWNER’S EQUITY

TOTAL CAPITAL RESOURCES

INCOME STATEMENT


Net revenue

Cost of goods sold

Gross profit

Revenue from financing activities

Financial expenses

Interest expenses

Selling expenses

General & Administrative expenses

Income from operating activities

Net income before tax

Current corporate income taxes

Deferred corporate income taxes

Income after tax

Appendix

Financial Statements

121

Source: VIRAC


Tae Kwang Vina Industrial Jsc.

BALANCE SHEETS


A. CURRENT ASSETS





IV. Inventories


TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


INCOME STATEMENT


Net revenue

Cost of goods sold

Gross profit


Financial expenses

Interest expenses

Selling expenses






Income after tax

Appendix


122

Source: VIRAC


Chang Shin Vietnam Co., Ltd.

BALANCE SHEETS


A. CURRENT ASSETS





IV. Inventories


TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


INCOME STATEMENT


Net revenue

Cost of goods sold

Gross profit


Financial expenses

Interest expenses

Selling expenses






Income after tax

Appendix


123

Source: VIRAC


Hwaseung Vina Co., Ltd.

BALANCE SHEETS


A. CURRENT ASSETS





IV. Inventories


TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


INCOME STATEMENT


Net revenue

Cost of goods sold

Gross profit


Financial expenses

Interest expenses

Selling expenses






Income after tax

Appendix


124

Source: VIRAC


Pousung Vietnam Co., Ltd.

BALANCE SHEETS


A. CURRENT ASSETS





IV. Inventories


TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


INCOME STATEMENT


Net revenue

Cost of goods sold

Gross profit


Financial expenses

Interest expenses

Selling expenses






Income after tax

Appendix


125

Source: VIRAC


Pou Chen Vietnam Co., Ltd.

BALANCE SHEETS


A. CURRENT ASSETS





IV. Inventories


TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


INCOME STATEMENT


Net revenue

Cost of goods sold

Gross profit


Financial expenses

Interest expenses

Selling expenses






Income after tax

Appendix


126

Source: VIRAC


Thai Binh Holding & Shoes Manufacturing Company

BALANCE SHEETS


A. CURRENT ASSETS





IV. Inventories


TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


INCOME STATEMENT


Net revenue

Cost of goods sold

Gross profit


Financial expenses

Interest expenses

Selling expenses






Income after tax

Appendix


127

Source: VIRAC


Vietnam Dona Standard Shoes Co., Ltd

BALANCE SHEETS


A. CURRENT ASSETS





IV. Inventories


TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


INCOME STATEMENT


Net revenue

Cost of goods sold

Gross profit


Financial expenses

Interest expenses

Selling expenses






Income after tax

Appendix


128

Source: VIRAC


Vietnam Dona Orient Co., Ltd

BALANCE SHEETS


A. CURRENT ASSETS





IV. Inventories


TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


INCOME STATEMENT


Net revenue

Cost of goods sold

Gross profit


Financial expenses

Interest expenses

Selling expenses






Income after tax

Appendix


129

Souece: VIRAC


Dong Nai Viet Vinh Shoes Co., Ltd

BALANCE SHEETS


A. CURRENT ASSETS





IV. Inventories


TOTAL ASSETS

A. LIABILITIES



liabilities




liabilities


B. OWNER’S EQUITY


INCOME STATEMENT


Net revenue

Cost of goods sold

Gross profit


Financial expenses

Interest expenses

Selling expenses






Income after tax

Appendix


130

Source: VIRAC


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Documents

VIETNAM LEATHER AND FOOTWEAR INDUSTRY REPORT Q1/2018