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Two of the sources links that will be translated in apa form is 
First one is
https://web-p-ebscohost-com.lib-proxy.fullerton.edu/ehost/pdfviewer/pdfviewer?vid=20&sid=6cc1fe53-d0b3-4a9f-bf71-0902401acdc7%40redis
Second one is 
https://my-ibisworld-com.lib-proxy.fullerton.edu/us/en/industry/31621/performance
The business name we are creating is Sole Symphony we are creating a running shoe to compete with companies like nike and new balance and adidas 
After earning your degree from CSUF, you’ve been inspired to open your own business, but not just any business, a B CorpLinks to an external site.. With your newfound knowledge of how businesses work, you will create a business plan for a new B Corp that you would like to open. 
Decide with your group what kind of B Corp you’d like to open. Your budget: whatever you think you can realistically get from investors (i.e., how much your classmates will invest after your presentation). You may not assume you have received a bank or personal loan.
With your group, develop an idea (product or service) that you believe would make a good B Corp. This will require research. Note: you may not purchase a franchise. 
Create a business plan that you will be able to use to present your new B Corp to prospective shareholders, financial institutions, legal firms, or whomever may need information to support your business. 
No plagiarism: Review the definitions of plagiarism, and remember that plagiarism also includes submitting a paper from another class for this class. It will be a shoe 
The business plan must be submitted as a Microsoft Word document and follow the format set forth in The Business Writer’s Handbook beginning on page 59.
The business plan must contain a title page, table of contents, executive summary, text, bibliography, and any appendices. The text of the business plan must include a company description and strategy, market analysis and strategy, development and production including a financial analysis, marketing plan, and management plan.
The text of the business plan must be at least 6 pages single spaced. The text of the business plan may not be more than 9 pages single spaced.
All images, charts, and figures should be appended as exhibits after the 6 to 9 pages of the report.
Sources must be cited in the text of the plan (parenthetical citations). Citations must conform to APA style.
The business plan must include at least five sources (including interviews and/or surveys). 
One source must be the IBIS World report on the industry that most closely matches your business.
One source must be EITHER the First Research Industry Profile on the industry that most closely matches your business OR the Marketline report for the industry that most closely matches your business. Present pictures as well with a logo and also the actual product which is the shoe
This is one of the sources 
New Balance Athletics, Inc.
TABLE OF CONTENTS
New Balance Athletics, Inc.
© MarketLine
Page 2
T
New Balance Athletics, Inc.
Company Overview
New Balance Athletics, Inc.
© MarketLine
Page 3
Company Overview
COMPANY OVERVIEW
New Balance Athletics, Inc. (New Balance or ‘the company’) manufactures, distributes, and sells athletic
footwear and apparel for men, women, and kids. The product portfolio of the company includes shoes for
running, walking, cross training, basketball, tennis, and baseball, shirts, jackets and hoodies, gear, socks,
and other accessories. It also offers sports accessories such as bags, hats, gloves, socks, insoles, laces,
braces, safety products, headbands, shoe care products, and wristbands. The company has market
presence in the US, the UK, France, Greece, Hong Kong, Singapore, Australia, New Zealand, Mexico,
Canada, Brazil, Israel, Chile, and South Africa. Apart from physical stores, the company markets its
products through web portals including pfflyers.com and warrior.com. New Balance is headquartered in
Boston, Massachusetts, the US.
Key Facts
KEY FACTS
Head Office New Balance Athletics, Inc.
100 Guest Street
Boston
Massachusetts
Boston
Massachusetts
USA
Phone
Fax
Web Address www.newbalance.com
Revenue / turnover (USD Mn) 3,300.0
Financial Year End December
Employees 7,000
Ticker
New Balance Athletics, Inc.
SWOT Analysis
New Balance Athletics, Inc.
© MarketLine
Page 4
SWOT Analysis
SWOT ANALYSIS
New Balance Athletics, Inc. (New Balance or ‘the company’) manufactures and sells athletic footwear and
apparel. Wide product portfolio, multi channel selling, and robust geographic presence are the company’s
major strengths, whereas private ownership remains a cause for concern. Online retail market in the US,
global sports equipment retail market, and positive outlook for global footwear market, are likely to offer
growth opportunities for the company. However, labor costs in the US, cybersecurity risks, and foreign
exchange risks could affect its business operations.
Strength
Wide product portfolio enables the company to cater
wide customer base
Robust geographic presence enhances the company’s
reach in various markets
Multi Channel Selling
Weakness
Private ownership
Opportunity
Online retail market in the US
Global Sports Equipment Retail Market
Footwear market in US
Threat
Labor cost in the US
Foreign exchange risks
Cybersecurity risks
Strength
Wide product portfolio enables the company to cater wide customer base
New Balance offers a wide variety of footwear and clothing for men, women, and kids. The company’s
product portfolio includes running shoes, walking shoes, work shoes, sandals, sport shoes, shirts, jackets
and hoodies, shorts, pants, and accessories. These products are marketed under various brands
including Brine, Warrior and New Balance. The company provides sports equipment, lacrosse, apparel,
footwear, and accessories. Its other brands offer shoes for different activities such as running, walking,
hiking, multi-sport, casual athletic, cross-training, classics, sports, boots and work shoes. The company
also offers shoes of various fit types such as wide forefoot, narrow heel, high instep, minimalist and
others. New Balance provides different types of accessories consisting of socks, insoles, laces, sports
monitors, hats, gloves, bags, sports medicine, shoe care, active underwear, and sunglasses for both men
and women. Therefore, a broad product portfolio allows the company to cater to various customer needs
and enhance its sales.
Robust geographic presence enhances the company’s reach in various markets
New Balance is one of the leading athletic footwear companies in the world. The company has expanded
internationally and markets products in more than 120 countries. New Balance operates through specialty
New Balance Athletics, Inc.
SWOT Analysis
New Balance Athletics, Inc.
© MarketLine
Page 5
retailers, New Balance licensed and owned retail and factory stores, department stores. The company
also sells these products through various e-commerce portals including warrior.com and pfflyers.com. A
wide geographic presence enhances the company’s reach and enables it to tap opportunities in various
markets.
Multi Channel Selling
The sale of merchandise through multiple channels increases the company’s direct-to-consumer
business. Walmart retails its products through a combination of in-store and online business formats. The
company sells merchandise through Amazon.com, Flipkart.com, RunningLab.com, Ajio.com, Running
World.com, Asics.com and other online channels.
Weakness
Private ownership
New Balance is a privately held company. Although the company is into retail business, the company is
still mired by the various challenges that a privately-owned company faces. It has limited management
layers and as a result, the decisions are always taken by few members which might be detrimental for the
company. On the other hand, public limited companies have an edge over these companies as they are
required to have sufficient members on the management and company’s board, thus providing a wider
perspective of any business dilemma and makes decision making easier and efficient. These companies
are also mandated to disclose their financial and operational activities, thereby providing transparency in
their operations and generating goodwill for the company. This also helps the company raise funds from
the market at favorable terms. Thus, private ownership puts the company at a disadvantage over its
public limited counterparts.
Opportunity
Online retail market in the US
The company stands to benefit from growing online retailing, which provides consumers the convenience
of shopping from home. With the increase in interactive methods and limitless content, the retail ecommerce is growing rapidly. Increasing internet penetration, user-friendly interface of web portals,
enhanced discounts and offers, changing consumer patterns and purchasing power are aiding the growth
of the e-retail market. According to in-house research, the online retail sector in the US is forecast to
reach US$746.9 billion by 2025. The US accounts for about 31.2% of the global online retail sector value.
The retailing of electrical and electronic goods was the largest segment in the sector, which accounted for
30.2% of the total value, followed by apparel retail (18.5%), home and garden products (18.1%), food and
grocery retail (12.5%), furniture and floor coverings (7.5%), jewelry, watches & accessories (3.8%) and
other category, which accounted for 9.3% of the value. New Balance provides its products through its
own portal www.newbalance.com. Besides, it will save on the operating costs, which are much lower in
the online retail format as compared to the physical store format. As the company holds a presence in the
US, therefore growing retail market in the US could increase the demand of the company’s offerings.
New Balance Athletics, Inc.
SWOT Analysis
New Balance Athletics, Inc.
© MarketLine
Page 6
Global Sports Equipment Retail Market
The company stands to benefit from the growing global sports equipment retail market. According to inhouse research, the global sports equipment retail market is forecast to reach US$203,223.1 billion in
2025. Asia-Pacific accounted for 44.1% of the global food and grocery retail market value, followed by the
US with 24%, Europe with 27.6%, the Middle East with 1.7% and Rest of the World with 5.4%. The
company offers shoes for running, walking, cross training, basketball, tennis, and baseball.
Footwear market in US
The growing footwear market in the US could increase the demand for the company’s products. With
changing consumer preferences, the market is expected to grow considerably. The preference of the
younger generations and technological advancements in sole making are expected to result in growth in
the market. Increasing disposable income and increase in the popularity of online shopping are also
aiding growth. According to in-house research, the US footwear market is expected to reach US$81,650
million by 2025. The US accounts for 23.1% of the global footwear market. Women’s footwear was the
largest segment, which accounted for 47% of the total value, followed by men’s footwear (33.2%), and
children’s footwear (19.8%). Specialists in clothing, footwear and accessories that form the leading
distribution channel accounted for 38.6% of the market, followed by online specialists (17.7%),
department stores (8.4%), hypermarkets, supermarkets, and hard discounters (4.4%) and others (30.9%).
New Balance manufactures, markets and retails shoes, apparels and accessories for men, women, and
children. The company provides running shoes, walking shoes, work shoes, sandals, and sport shoes.
Threat
Labor cost in the US
Labor costs in the US have been increasing. Increase in minimum wages could increase the company’s
operating costs, which affects its profit margins. The tight labor markets, government mandated increase
in minimum wages and a higher proportion of full-time employees result in an increase in labor costs. The
federal minimum Labor costs are increasing significantly in the US. As of January 2023, the minimum
wage rate in the US was US$7.25 per hour. The minimum wage rate in 29 states and the District of
Columbia is more than the federal rate. The hourly wages range from US$15 in Massachusetts, US$11 in
Florida, US$13 in Illinois, US$10.1 in Michigan, US$13.2 in Maryland, US$12 in Hawaii, US$14 in
Connecticut and US$15.5 in California. The minimum hourly wage in the District of Columbia reached
US$16.1.
Foreign exchange risks
New Balance operates in many parts of the world and is exposed to fluctuations in foreign exchange
rates. The company reports financials in the Euro and therefore its revenue is exposed to the volatility of
the Euro against other functional currencies, as it conducts business operations worldwide. A significant
part of its revenue is also denominated in other currencies such as Brazilian real, Indian Rupee, Saudi
Riyadh, and Chinese yuan among others. Major elements exposed to exchange rate risks include the
New Balance Athletics, Inc.
SWOT Analysis
New Balance Athletics, Inc.
© MarketLine
Page 7
company’s investments in overseas subsidiaries and affiliates and monetary assets and liabilities arising
from business transactions in foreign currencies. To minimize risks from currency fluctuations, the
company involves in foreign exchange hedging activities by entering foreign exchange forward contracts.
However, there may be no assurance that such hedging activities or measures may limit the impact of
movements in exchange rates on the company’s results of operations.
Cybersecurity risks
The constantly evolving cyber threats could disrupt the security of the company’s systems and business
applications, impair the ability to provide services to its customers and protect the privacy of their data.
Hackers and organizations, including state-sponsored organizations, continuously develop and deploy
malicious software or exploit vulnerabilities in hardware, software, and other infrastructure to gain access
to organization’s networks and data centers. New Balance depends on technology systems and
infrastructure, which increases the risk of potential vulnerabilities from breakdowns due to natural
disasters, system failure and malfunction, unauthorized access, power loss, human error, and other
unforeseen events. Release of confidential information and failures of technology or related systems
could affect the business and subject the company to unexpected liabilities.
Copyright of New Balance Athletics, Inc. SWOT Analysis is the property of MarketLine, a
Progressive Digital Media business and its content may not be copied or emailed to multiple
sites or posted to a listserv without the copyright holder’s express written permission.
However, users may print, download, or email articles for individual use.
This is another source 
IBISWorld | Shoe & Footwear Manufacturing in the US May 2024
1
INDUSTRY REPORT
Shoe & Footwear
Manufacturing in
the US
May 2024
IBISWorld | Shoe & Footwear Manufacturing in the US May 2024
2
About
IBISWorld
IBISWorld specializes in industry research with
coverage on thousands of global industries. Our
comprehensive data and in-depth analysis help
businesses of all types gain quick and actionable
insights on industries around the world. Busy
professionals can spend less time researching and
preparing for meetings, and more time focused on
making strategic business decisions.
IBISWorld | Shoe & Footwear Manufacturing in the US May 2024
3
Table Of Contents Standard
1. About…………………………………………………… 5
Codes……………………………………………………5
Definition………………………………………………. 5
Related Terms………………………………………. 5
What’s Included…………………………………….. 5
Companies…………………………………………….5
Related Industries………………………………….. 6
Additional Resources……………………………… 6
2. At a Glance……………………………………………8
Key Takeaways………………………………………8
Products and Services……………………………. 9
Major Players………………………………………. 10
Key External Drivers…………………………….. 11
Industry Structure………………………………….11
SWOT………………………………………………… 12
Executive Summary……………………………… 12
3. Performance……………………………………….. 14
Highlights……………………………………………. 14
Key Takeaways…………………………………….14
Performance Snapshot…………………………. 15
Outlook………………………………………………..24
Life Cycle……………………………………………. 27
4. Products and Markets……………………………29
Key Takeaways…………………………………….29
Products and Services………………………….. 29
Major Markets……………………………………… 33
International Trade………………………………..35
Imports……………………………………………….. 38
Exports………………………………………………..39
5. Geographic Breakdown………………………… 41
Key Takeaways…………………………………….41
Business Locations………………………………. 42
6. Competitive Forces……………………………….51
Key Takeaways…………………………………….51
Concentration……………………………………….51
Barriers to Entry…………………………………… 53
Substitutes………………………………………….. 54
Buyer & Supplier Power…………………………55
7. Companies…………………………………………. 58
Key Takeaways…………………………………….58
Market Share………………………………………. 59
Companies…………………………………………..60
8. External Environment…………………………… 69
Key Takeaways…………………………………….69
External Drivers…………………………………… 69
Regulation & Policy……………………………….72
Assistance……………………………………………73
9. Financial Benchmarks………………………….. 75
Key Takeaways…………………………………….75
Cost Structure……………………………………… 75
Financial Ratios…………………………………… 78
Key Ratios……………………………………………83
10. Key Statistics…………………………………….. 85
Industry Data………………………………………..85
IBISWorld | Shoe & Footwear Manufacturing in the US May 2024
4
About
A quick definition of the industry, its
products and services, major
companies and other key identifiers
help you confirm you’re in the right
place.
IBISWorld | Shoe & Footwear Manufacturing in the US May 2024
5
1. About
https://my.ibisworld.com/us/en/industry/31621/about
Codes
NAICS 2017 – USA 31621
NAICS 2017 – USA 316210
NAICS 2022 – USA 31621
NAICS 2022 – USA 316210
Definition
This industry manufactures footwear for men, women and children. They may manufacture rubber and
plastic footwear, protective footwear, house slippers and slipper socks. Operators also manufacture men’s
or women’s footwear for casual, formal and work environments. These products also include men’s or
women’s shoes with rubber or plastic soles and leather or vinyl uppers.
Related Terms
OUTSOURCING
Subcontracting process in which manufacturing is conducted by a third-party company either locally or
internationally.
NORTH AMERICAN FREE TRADE AGREEMENT (NAFTA)
A generally duty-free agreement signed by the governments of Canada, Mexico and the United States,
creating a trilateral trade bloc in North America.
OFFSHORING
The transfer of manufacturing operations to another country, regardless of whether the work is outsourced
or stays within the same corporation or company.
What’s Included
 Rubber and plastic footwear
 Men’s footwear
 Women’s footwear
Companies
 New Balance Athletics, Inc.
 Allen Edmonds Shoe Corp
 Rocky Brands, Inc.
IBISWorld | Shoe & Footwear Manufacturing in the US May 2024
6
 Wolverine World Wide, Inc.
 Red Wing Shoes
Related Industries
Industries in the Same Sector
 Competitors:
o Men’s & Boys’ Apparel Manufacturing in the US
o Women’s, Girls’ and Infants’ Apparel Manufacturing in the US
o Leather Good & Luggage Manufacturing in the US
 Complementors:
o Textile Mills in the US
o Medical Instrument & Supply Manufacturing in the US
International Industries
 Global Footwear Manufacturing
 Shoe & Footwear Manufacturing in Canada
 Footwear Manufacturing in Australia
 Footwear Manufacturing in the UK
 Footwear Manufacturing in Germany
 Footwear Manufacturing in China
Additional Resources
 Textile World
 Manufacturing News
 Textile Society of America
 American Apparel and Footwear Association
 US Census Bureau
IBISWorld | Shoe & Footwear Manufacturing in the US May 2024
7
At A Glance
Evaluate key industry data and trends
and get an overview of important
report sections to use in meetings
and presentations.
IBISWorld | Shoe & Footwear Manufacturing in the US May 2024
8
2. At a Glance
https://my.ibisworld.com/us/en/industry/31621/at-a-glance
Revenue
$1.9bn
’19-’24 ↓ 3.4 %
’24-’29 ↓ 0.5 %
Employees
11,070
’19-’24 ↓ 3.0 %
’24-’29 ↓ 0.5 %
Businesses
895
’19-’24 ↑ 0.1 %
’24-’29 ↓ 0.0 %
Profit
$138.5m
’19-’24 ↓ 3.4 %
Profit Margin
7.3%
’19-’24 0.0 pp
Wages
$475.0m
’19-’24 ↓ 3.3 %
’24-’29 ↓ 0.5 %
Key Takeaways
Performance
 Sustainable footwear is reshaping the industry. This substantial shift towards eco-friendly production
is a response to increased consumer awareness about the environment and companies’
prioritization of ethical business practices, particularly notable among leading brands like Adidas
and Nike.
 Footwear customization will drive industry trends. Consumer demand for personalized shoes will
expand, leading brands to boost customization options, collaborate with top designers and provide
unique material options for a truly unique product experience.
External Environment
 Shoe manufacturers must adhere to various environmental laws. These are regulations imposed by
federal, state, local and international entities to ensure sustainable practices in their production
process.
 Manufacturers benefit from substantial industry assistance. They receive this aid through tariff
protection and backing from industry associations, which substantially aids in mitigating risks and
facilitating growth.
IBISWorld | Shoe & Footwear Manufacturing in the US May 2024
9
Products and Services
IBISWorld | Shoe & Footwear Manufacturing in the US May 2024
10
Major Players
IBISWorld | Shoe & Footwear Manufacturing in the US May 2024
11
Key External Drivers
Key External Drivers Impact
Trade-weighted index Negative
Import penetration into the manufacturing sector Negative
Demand from footwear wholesaling Positive
Per capita disposable income Positive
Industry Structure
Characteristic Level Trend
Concentration Low
Barriers To Entry Moderate Increasing
Regulation and Policy Moderate Steady
Life Cycle Decline
Revenue Volatility Moderate
Assistance High Decreasing
Competition High Increasing
Innovation Moderate
IBISWorld | Shoe & Footwear Manufacturing in the US May 2024
12
SWOT
Strengths
High Profit vs.
Sector Average
Low Capital
Requirements
Weaknesses
High Imports
High Customer Class
Concentration
High Product/Service
Concentration
Low Revenue per
Employee
High & Decreasing
Level of Assistance
High Competition
Decline Life Cycle
Stage
Opportunities
Demand from
footwear
wholesaling
High Revenue
Growth
(2019-2024)
High Revenue
Growth
(2024-2029)
High Performance
Drivers
Threats
Very Low
Revenue Growth
(2005-2024)
Low Outlier
Growth
Trade-weighted
index
Executive Summary
The Shoe and Footwear Manufacturing industry has seen its share of challenges in recent years. Revenue
has slipped downwards at a CAGR of 3.4% over the past five years and is expected to total $1.9 billion in
2024, when revenue will drop by an estimated 0.3%. One of the key instigators of this downtrend is the
intense competition fueled by an influx of cheap imports, resulting in domestic companies losing a
significant chunk of their market share. This drop has been exacerbated by a slump in exports, putting even
more pressure on manufacturers.
Manufacturers in the sector have had to strategize and rethink their business models to stay afloat. With a
significant percentage of demand being met by imported wares, companies took two main routes. Some
chose to relocate production to countries with lower labor costs, while others kept production domestic,
focusing on premium quality rather than pricing to compete. This restructuring has allowed them to keep
profit levels steady despite competition and decreasing demand.
Various factors will sway the industry’s future performance. On one hand, an expected boost in disposable
income could see a resurgence in demand for domestic products. Moreover, the impacts of the Berry
Amendment will expand the industry’s customer base, promoting growth. On the other hand, competition
from increasing import penetration and the boost of e-commerce presents a looming challenge that could
cap this potential growth. Consequently, these opposing factors will result in a modest slump in revenue at
a CAGR of 0.5% over the five years through 2029 to $1.9 billion.
IBISWorld | Shoe & Footwear Manufacturing in the US May 2024
13
Performance
Track historical, current and forwardlooking trends in revenue, profit and
other performance indicators that
make or break an industry.
IBISWorld | Shoe & Footwear Manufacturing in the US May 2024
14
3. Performance
https://my.ibisworld.com/us/en/industry/31621/performance
Highlights
Revenue
$1.9bn
2019-24 CAGR ↓ 3.4 %
2024-29 CAGR ↓ 0.5 %
Employees
11,070
2019-24 CAGR ↓ 3.0 %
2024-29 CAGR ↓ 0.5 %
Businesses
895
2019-24 CAGR ↑ 0.1 %
2024-29 CAGR ↓ 0.0 %
Profit
$138.5m
2019-24 CAGR ↓ 3.4 %
Profit Margin
7.3%
2019-24 CAGR 0.0 pp
Key Takeaways
 Sustainable footwear is reshaping the industry. This substantial shift towards eco-friendly
production is a response to increased consumer awareness about the environment and companies’
prioritization of ethical business practices, particularly notable among leading brands like Adidas
and Nike.
 Footwear customization will drive industry trends. Consumer demand for personalized shoes
will expand, leading brands to boost customization options, collaborate with top designers and
provide unique material options for a truly unique product experience.
IBISWorld | Shoe & Footwear Manufacturing in the US May 2024
15
Performance Snapshot
Revenue: ↓ 2019-24 Revenue CAGR -3.4%
Revenue
$1.9bn
’19-’24 ↓ 3.4 %
’24-’29 ↓ 0.5 %
2024 Revenue CAGR
↓ 0.3 %
Revenue Volatility
Moderate
IBISWorld | Shoe & Footwear Manufacturing in the US May 2024
16
Employees: ↓ 2019-24 Employees CAGR -3.0%
Employees
11,070
’19-’24 ↓ 3.0 %
’24-’29 ↓ 0.5 %
Employees per Business
12
’19-’24 ↓ 3.1 %
’24-’29 ↓ 0.5 %
Revenue per Employee
$171k
’19-’24 ↓ 0.5 %
’24-’29 ↑ 0.1 %
IBISWorld | Shoe & Footwear Manufacturing in the US May 2024
17
Businesses: ↑ 2019-24 Business CAGR +0.1%
Businesses
895
’19-’24 ↑ 0.1 %
’24-’29 ↓ 0.0 %
Employees per Business
12
’19-’24 ↓ 3.1 %
’24-’29 ↓ 0.5 %
Revenue per Business
$2.1m
’19-’24 ↓ 3.5 %
’24-’29 ↓ 0.4 %
IBISWorld | Shoe & Footwear Manufacturing in the US May 2024
18
Profit: ↓ 2019-24 Profit CAGR -3.4%
Total Profit
$138.5m
’19-’24 ↓ 3.4 %
Profit Margin
7.3%
’19-’24 0.0 pp
Profit per Business
$154.8k
IBISWorld | Shoe & Footwear Manufacturing in the US May 2024
19
Current Performance
What’s driving current industry performance?
Sustainable footwear gains ground as the industry prioritizes eco-friendly production
 In response to rising eco-consciousness among consumers, shoe manufacturers are prioritizing
sustainability, leading to a significant shift towards eco-friendly production methods, including using
sustainable inputs and energy-efficient processes.
 Market leaders like Adidas, working with Parley for the Oceans and Nike, through their “Move to
Zero” project, have started manufacturing shoes from recycled plastics, creating an industry
standard for environmentally friendly production.
 Far from being a temporary trend, the focus on sustainable footwear has become a key driver of
transformation within the shoe industry, stimulated by increased consumer expectations and
companies’ emphasis on ethical business practices.
Athleisure trend boosts demand for athletic shoes, influences fashion market
 The trend, known as athleisure, has boosted demand for athletic shoes in recent years. People
value aesthetics and functionality, sparking a greater demand for comfortable yet stylish footwear
for active lifestyles.
 Brands recognizing this shift have profited from creating high-tech sports shoes. In-shoe comfort,
shock absorption, and energy return attributes appeal to everyday consumers and athletes alike.
 In the athletic shoe sector, collaborations with celebrities and influencers have soared, refreshing
brands’ visibility while fuelling sales. Big names like Adidas’ Yeezy with Kanye West are leading
contributors to the trend.
 The sneaker-collecting culture has impacted the market. Limited releases or ‘sneaker drops’ have
led to a lucrative secondary market for reselling sneakers, typically tied with streetwear culture and
major sports influences.
Decades of restructuring have shifted manufacturers’ focus
 Increased outsourcing has restructured the industry, leading remaining manufacturers to focus on
high-value-added activities, like designing, marketing, and distributing shoes.
 However, over the past five years, consumer preference for domestically manufactured shoes has
resurfaced with expanding per capita disposable income. Domestic manufacturers often focus on
high-quality, niche markets. While these products are valuable, they cater to a smaller market
segment compared to the broader demand for affordable footwear.
 This has encouraged nonemployers who produce handcrafted and specialized shoes for niche
markets to join the industry. Some consumers specifically seek out American-made products to
support domestic businesses and jobs or because of ethical concerns regarding labor practices in
other countries.
International trade plays a prominent role
 Shoe and footwear manufacturers have embraced the economic advantages of outsourcing
production to developing countries with low labor costs for over a decade. Foreign-sourced shoes
IBISWorld | Shoe & Footwear Manufacturing in the US May 2024
20
are relatively less expensive than domestically produced industry footwear in the US market,
making them preferable to US consumers.
 While China and Vietnam are the biggest suppliers overall, other countries like Italy and Mexico
specialize in specific segments like high-quality leather shoes.
 Many well-established footwear brands with significant global recognition produce their items
overseas, reducing the visibility of US-made alternatives in the export market. Moreover, the US
encounters higher wage rates and stringent environmental and labor protocols than foreign
competitors, leading to higher production costs.
IBISWorld | Shoe & Footwear Manufacturing in the US May 2024
21
What influences industry volatility?
Import competition increases volatility
 Domestic consumers strongly rely on international markets. More than 90.0% of domestic demand
is satisfied by imported footwear, which is influenced by exchange rates, foreign supply chain
stability and international geopolitical circumstances.
 An appreciation of the dollar relative to the currencies of the US trading partners enables domestic
downstream wholesalers to purchase imports at less expensive prices, reducing their demand for
domestically manufactured footwear and shoes.
Fashion trends create volatility
 The industry typically experiences seasonal peaks and troughs in demand, driven by changing
weather conditions and back-to-school shopping periods. Fashion trends can change rapidly,
leading to fluctuations in demand for specific types of footwear.
 Predicting future trends and accurately forecasting demand can be challenging. When trends
change unexpectedly, manufacturers can be left with an unsold inventory of outdated styles, leading
to financial losses and potential write-downs.
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How do successful businesses overcome volatility?
Leverage product design, quality and brand strengths
In the shoe and footwear industry, having distinctive product designs, maintaining superior quality,
and building a respected brand reputation can help attract and retain customers, thereby overcoming
market volatility.
Secure a highly skilled workforce
The industry’s success highly relies on the artisans and skilled workers who bring designs to life.
Hiring and retaining a highly skilled workforce ensures production efficiency and quality, helping the
industry weather uncertain times.
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Outlook ↓ 2024-29 Revenue CAGR -0.5%
What’s driving the industry outlook?
Customization and personalization of shoes and footwear will drive change in the industry
 Personalization in the industry will hike to feed the growing hunger for unique experiences. Brands
will cater to this trend by allowing customers to tailor their footwear choices; this goes beyond
selecting designs and colors, extending to unique fits and material choices, creating truly one-of-akind products.
 Expectations for personalized products will only amplify in the years to come. To meet this demand,
footwear manufacturers will escalate customization options, allowing consumers to tread their own
design path, right down to the smallest details.
 Anticipating this surge in customization, brands will roll out limited-edition collections and
collaborate with leading designers and influencers. These strategic moves will add exclusivity and
position the brands as responsive and innovative market leaders.
E-commerce and evolving consumer preferences will reshape the industry
 The burgeoning e-commerce space will push manufacturers to enhance offerings such as
augmented reality (AR)- based virtual try-ons, which enable customers to virtually ‘wear’ shoes
before buying. Predictive algorithms and big data will generate personalized recommendations,
crafting a more tailored shopping experience.
 Manufacturers will enhance direct-to-consumer (D2C) sales, building engaging online platforms to
stay competitive. These aren’t just about selling; they’re about creating a brand presence and
engaging customers in a unique retail experience.
 Efficient logistics and delivery optimization will become strategic priorities. Streamlining these
processes will ensure faster delivery times, fuel customer satisfaction and propel online sales.
Import competition will continue to challenge the industry
 The high prevalence of imports within the US shoe and footwear market will persist over the next
five years. Domestic producers will struggle to compete with low-cost imports and will continue to
offshore production or carve out niche segments, like work-specific or premium high-end footwear.
 Renewed downstream demand from wholesalers and retailers will likely pressure manufacturers to
provide low-cost footwear, further motivating the move to less-expensive production locations.
 Manufacturers will face relief because a reduced trade-weighted index will result in a predicted drop
in imports over the next five years. This slump will boost domestic competitiveness and could boost
manufacturers’ market share.
Technology will increasingly impact the shoe and footwear industry
 Advancements in technology will impact production in several ways. 3D printing technology will
create customized shoes based on individual foot scans, offering a perfect fit and potentially
reducing waste from traditional manufacturing processes.
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 Robots will continue to take on increasing tasks, such as cutting materials, assembling parts and
handling quality control, significantly improving production efficiency and consistency. At the same
time, the creation of new materials noted for their lightweight, superior performance, and
sustainability will result in groundbreaking footwear designs. These designs will offer heightened
comfort and durability while also minimizing environmental impact.
 These advancements are still evolving and their full impact on the industry remains to be seen.
However, they hold the potential to revolutionize the way shoes are designed, manufactured, and
used, creating exciting possibilities for both manufacturers and consumers.
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Life
Cycle
Decline
Why is the industry declining?
Contribution to GDP
Shoe and footwear manufacturing is growing at a slower rate compared with US GDP, highlighting that the
industry is not a strong contributor to the US economy.
Market Saturation
The industry consists of a few large companies and many small manufacturers that specialize in highervalue-added footwear.
Innovation
Manufacturers can innovate by upgrading their manufacturing process to maximize efficiency. They can
also innovate new products or use new materials to differentiate themselves.
Consolidation
Large manufacturers will continue to acquire smaller manufacturers to expand their economies of scale.
Technology & Systems
Technological advancement is low because the industry is labor-intensive. Manufacturers can upgrade their
equipment or implement new technology to improve efficiency.
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Products and
Markets
Find out what the industry offers,
where trade is most concentrated and
which markets are buying and why.
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4. Products and Markets
https://my.ibisworld.com/us/en/industry/31621/products-and-markets
Largest Market
$941.4m
Men’s footwear (except athletic)
Product Innovation
Moderate
Key Takeaways
 Men’s shoes dominate the footwear market. Despite fashion changes and competition, men’s
shoes have consistently maintained the largest product segment because of slower changes in
style, allowing for sustained use of existing production equipment.
 Footwear retailers are key in the industry supply chain. They connect the manufacturers with
end consumers, while wholesalers act as intermediaries, although their role is being undermined as
manufacturers seek direct deals with retailers for higher profits.
Products and Services
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How are the industry’s products and services performing?
Men’s shoes are the largest segment
 This segment encompasses men’s footwear, excluding athletic, rubber and plastic shoes.
Compared to other product segments, the drop in this sector over the past five years has been
gradual, resulting in an increased share of industry revenue.
 Slower changes in the style of men’s shoes enable existing machinery, equipment and inputs to be
used each year. This characteristic distinguishes this product segment from others, like women’s
shoes, which regularly change in style, potentially opening new doors for foreign footwear
manufacturers to start expanding operations.
Rubber and plastic shoes include a wide scope of products
 This category encompasses a comprehensive range of footwear for children, women and men.
These typically include rubber boots for rainy seasons, comfortable canvas shoes suitable for
casual wear, basic yet versatile rubber sandals for everyday use and protective galoshes for wet or
snowy conditions.
 The general population has significantly boosted health and fitness consciousness, leading to a high
demand for athletic footwear in the US. Moreover, the popularity of sports and associated celebrity
endorsements fuels demand for specific athletic shoe brands, contributing to this growth.
 Rising import competition and rebounding rubber prices have pressured this product segment’s
share of industry revenue during the period. Nonetheless, its broad nature keeps it the secondlargest product segment.
Women’s shoes pressured by imports
 Women’s footwear, excluding athletic shoes, encompasses all non-sporting styles tailored explicitly
for women, including heels, boots and flats. Regular updates are made to stay in line with the
prevailing trends. This product segment, characterized by its fashion-forward solid element, caters
to the broad spectrum of tastes among female consumers.
 This segment’s revenue share has decreased over the past five years despite domestic women’s
footwear manufacturers increasingly specializing their product offerings to serve high-quality niche
consumer markets.
 Shoe manufacturers in Italy provide a significant share of premium import substitutes, while most
competitively priced women’s footwear imports come from developing countries such as China and
Vietnam.
Diverse sales prospects in the market of other footwear categories
 This category encompasses all other forms of footwear that don’t fit neatly into the conventional
classifications. It includes casual footwear like slippers and flip-flops, as well as highly specialized
shoes designed for specific activities or scenarios.
 The diverse audience base, from casual home users to industry-specific professionals, broadens
the potential for sales. Seasonal trends, such as summer sandals or winterized boots, provide
consistent yearly sales opportunities.
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What are innovations in industry products and services?
3D printing technology revolutionizes shoe manufacturing with customization and efficiency
 A notable innovation in the industry is the integration of 3D printing technology. This enables
manufacturers to produce highly customized shoes tailored to individual customers’ foot sizes and
shapes. This technology saves material, reduces waste and shortens production time, making the
manufacturing process more efficient.
 Design teams are also constantly creating new footwear styles, including added features like air
pocket soles, mesh netting and gel-arch support. Innovative features and technologies can justify
higher price points, potentially increasing profit.
Manufacturers adopt sustainable materials and processes amid rising demand
 As consumers have increased their demand for environmentally responsible products, shoe
manufacturers are innovating using sustainable materials. Manufacturers are using resources like
natural rubber, recycled plastics and organic cotton to manufacture eco-friendly footwear.
 Also, manufacturers are adopting sustainable production processes, including solar-powered
facilities, reduced chemical usage and water-saving techniques. This approach to sustainability
minimizes the industry’s footprint.
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What products or services do successful businesses offer?
Produce a differentiated product
Creating unique designs and features sets a brand apart from the shoe and footwear manufacturing
competition; this adds value and appeals to customers’ unique tastes and preferences, driving sales
and market share.
Invest in new technology to enhance operational efficiency and quality
With constant advancements in footwear technology, investing in such technologies helps produce
higher quality goods cost-effectively; this improves production efficiency, product durability and
comfort, which are primary factors consumers consider.
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Major Markets
What’s influencing demand from the industry’s markets?
Footwear retailers play a critical role in the industry supply chain
 Footwear retailers are retail businesses that specialize in selling shoes, boots, sandals, and other
related products directly to the end consumers, typically in small quantities. These retailers occupy a
significant position in the supply chain, serving as the final point before the product reaches the
consumer.
 Vertically integrated companies, like major Shoe and Footwear Manufacturing industry player New
Balance Athletics Inc., take advantage of their supply chain power.
Footwear wholesalers losing market share to direct manufacturer-retailer deals
 Footwear wholesalers serve as intermediaries, procuring shoes in bulk directly from manufacturers.
They then distribute these goods to a variety of outlets, such as specialty retailers, mass
merchandisers, and department stores.
 Wholesalers closely monitor fashion trends in footwear, including styles, colors, and materials. They
then adjust their purchases to align with what they anticipate will be in high demand by retailers and
ultimately consumers.
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 However, manufacturers sometimes bypass wholesalers by selling directly to retailers or through
their outlets, gaining larger profit; this has potentially reduced wholesalers’ market share but
increases manufacturers’ control over distribution, pricing and market understanding.
Manufacturers’ sales outlets have remained steady
 This segment includes footwear manufacturers with their own sales outlets and selling directly to
consumers, businesses and government agencies.
 Manufacturers’ sales outlets’ share of revenue has remained relatively stable over the past five
years but has declined considerably from prior years due to contracting industry participation and
the inability of domestic manufacturers to compete with retailers that import low-cost shoes from
Asia and higher priced shoes from Europe.
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International Trade
Total Imports
$51.3bn
’19-’24 ↓ 4.2 %
’24-’29 ↓ 0.5 %
Total Exports
$1.2bn
’19-’24 ↓ 4.5 %
’24-’29 ↑ 0.3 %
Trade Balance
Net Importer
↓ Deficit: $-50.1bn
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International Trade Imports
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International Trade Exports
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Imports
High Decreasing
What are the industry’s import trends?
Import competition continues to hike
 While total import revenue has fluctuated over the past five years, strong import competition has
constantly influenced the shoe and footwear manufacturing industry’s decline for over a decade.
 Because of the labor-intensive nature of industry operations, footwear manufacturers have
increasingly sought to minimize production costs by either moving manufacturing facilities abroad or
establishing contracts with foreign manufacturers using inexpensive labor.
 Manufacturers implementing these outsourcing practices benefit from a considerable advantage in
cost structuring. These companies pass on this cost saving to consumers in the form of lower
prices, further hurting domestic manufacturers, which charge premiums to remain profitable.
US-China trade war impacts import dynamics
 The US-China trade war has deeply impacted the import dynamics of the Shoe and Footwear
Manufacturing industry. As China is a prime footwear producer, the heightened tariffs implemented
on Chinese imports have transformed the industry’s import cost-effectiveness.
 These import shifts have significantly altered the business landscape, compelling the industry to
adapt swiftly. These changes have prompted businesses to pivot towards increasing their domestic
production capacities or to start sourcing from countries with more favorable trade agreements.
 However, China may be circumventing US tariffs by boosting its trade with Mexico, as a significant
portion of these goods are likely being transported into the US, leveraging Mexico’s current standing
as America’s prime trade partner.
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Exports
High Decreasing
What are the industry’s export trends?
Exports are supported by having a quality reputation
 Domestically manufactured shoes have a good reputation in the global market for their high quality
and durability. However, the cost of manufacturing shoes in the US, including labor, materials and
overhead, significantly impacts export competitiveness.
 The historical and cultural ties between the US, Canada and the UK can lead to a familiarity with US
brands and products; this can make US-made footwear a natural choice for some importers in these
countries, even if other options exist.
Expanding online sales benefits exports
 The rapid growth of e-commerce platforms has made it easier for US shoe and footwear
manufacturers to reach international customers, boosting export opportunities and sales.
 Online retail platforms also allow shoe manufacturers to rapidly assess global demand and adapt to
cater to international trends, strengthening the US footprint in footwear exports.
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Geographic
Breakdown
Discover where business activity is
most concentrated in this industry
and what’s driving these trends.
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41
5. Geographic Breakdown
https://my.ibisworld.com/us/en/industry/31621/geographic-breakdown
Key Takeaways
 Manufacturers position near international ports to minimize shipping costs. Being close to
these ports allows them to efficiently meet domestic and foreign demand, thus reducing
transportation expenditures.
 The West is the largest region for shoe manufacturing. Despite higher rent costs, its closeness
to major ports and downstream markets makes it an attractive location for footwear manufacturing
establishments.
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Business Locations
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Percentage of total industry Establishments,Revenue,Wages,Employment in each region
State Establishment
s
Units
Establishment
s
%
Revenue
$
Revenu
e
%
Wages
$
Wage
s
%
Employmen
t
Units
Employmen
t
%
Texas 116 12.8 295,587,552.
0
15.6 89,171,928.
0
18.8 2,691 24.3
California 142 15.7 167,313,008.
0
8.8 26,253,498.
0
5.5 488 4.4
Maine 47 5.2 265,479,552.
0
14.0 61,846,804.
0
13.0 1,331 12.0
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Wisconsin 35 3.9 190,150,704.
0
10.0 34,252,704.
0
7.2 715 6.5
New York 60 6.6 26,090,542.0 1.4 8,336,680.5 1.8 151 1.4
Missouri 29 3.2 164,801,616.
0
8.7 32,661,530.
0
6.9 985 8.9
Massachusett
s
29 3.2 114,964,192.
0
6.1 35,337,016.
0
7.4 537 4.9
Arkansas 16 1.8 81,306,224.0 4.3 22,501,380.
0
4.7 603 5.4
Pennsylvania 32 3.5 140,195,504.
0
7.4 28,716,338.
0
6.0 532 4.8
Florida 32 3.5 8,956,910.0 0.5 1,580,376.5 0.3 58 0.5
Oregon 32 3.5 90,343,016.0 4.8 20,701,140.
0
4.4 412 3.7
Washington 31 3.4 24,630,428.0 1.3 13,602,648.
0
2.9 227 2.1
New
Hampshire 20 2.2 59,939,232.0 3.2 7,203,122.5 1.5 118 1.1
Illinois 17 1.9 31,407,918.0 1.7 12,654,631.
0
2.7 282 2.5
Utah 12 1.3 42,145,936.0 2.2 5,257,109.5 1.1 177 1.6
Michigan 14 1.5 32,542,346.0 1.7 8,494,827.0 1.8 271 2.4
Georgia 19 2.1 34,940,544.0 1.8 9,250,154.0 1.9 178 1.6
Arizona 20 2.2 4,261,038.0 0.2 766,474.4 0.2 32 0.3
Minnesota 12 1.3 26,324,740.0 1.4 10,046,862.
0
2.1 222 2.0
Maryland 12 1.3 32,688,910.0 1.7 8,199,521.0 1.7 146 1.3
Colorado 19 2.1 2,837,968.3 0.2 766,010.4 0.2 26 0.2
Tennessee 15 1.7 20,516,884.0 1.1 5,400,870.5 1.1 208 1.9
New Jersey 14 1.5 32,446,134.0 1.7 3,822,751.3 0.8 40 0.4
Ohio 11 1.2 27,118,620.0 1.4 1,402,962.9 0.3 19 0.2
Virginia 16 1.8 26,610,224.0 1.4 5,057,049.5 1.1 168 1.5
Indiana 4 0.4 8,989,088.0 0.5 2,057,798.4 0.4 151 1.4
Vermont 4 0.4 8,989,088.0 0.5 2,069,179.1 0.4 151 1.4
Connecticut 4 0.4 8,821,579.0 0.5 2,146,954.3 0.5 151 1.4
Kansas 4 0.4 24,583,366.0 1.3 2,131,977.0 0.4 151 1.4
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North Dakota 4 0.4 5,471,399.0 0.3 2,009,509.9 0.4 151 1.4
Iowa 4 0.4 8,989,088.0 0.5 2,057,798.4 0.4 151 1.4
Nebraska 4 0.4 10,499,327.0 0.6 2,107,997.0 0.4 151 1.4
Idaho 4 0.4 5,471,399.0 0.3 1,778,339.0 0.4 151 1.4
Alabama 4 0.4 8,580,357.0 0.5 2,057,798.4 0.4 151 1.4
Kentucky 6 0.7 25,672,326.0 1.4 3,549,302.5 0.7 151 1.4
Mississippi 4 0.4 5,471,399.0 0.3 1,778,339.0 0.4 151 1.4
North
Carolina 7 0.8 18,693,730.0 1.0 4,501,240.5 0.9 151 1.4
South
Carolina 4 0.4 8,989,088.0 0.5 2,178,066.8 0.5 151 1.4
New Mexico 4 0.4 8,989,088.0 0.5 2,182,175.5 0.5 151 1.4
Oklahoma 4 0.4 7,984,034.0 0.4 2,051,487.5 0.4 151 1.4
Hawaii 4 0.4 11,597,805.0 0.6 2,228,651.3 0.5 151 1.4
Montana 12 1.3 26,324,740.0 1.4 4,727,034.5 1.0 107 1.0
Rhode Island 4 0.4 24,583,366.0 1.3 2,001,958.3 0.4 46 0.4
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Where are industry businesses located?
The West region leads the industry despite high costs
 The region’s dominance is largely because of California, which is home to more industry facilities
than any other state in the nation. Despite high rent and labor costs, the establishments operating in
the region can effectively serve the industry’s major markets.
 Given the West region’s large population and relative proximity to Asia, manufacturers operating
there are positioned to satisfy domestic and foreign consumer demand while minimizing shipping
costs.
The Southwest region is supported by access to materials and location
 The Southwest has easy access to key raw materials like leather and textiles from domestic and
international sources, facilitating efficient production and reducing transportation costs for shoe
manufacturing establishments.
 Because of its proximity to the Mexican border, the Southwest offers access to lower-cost
production facilities, as well as advantageous trade agreements, making it an appealing hub for
shoe manufacturing establishments.
The Mid-Atlantic region has a strong transportation system
 The Mid-Atlantic is a strategic location for manufacturers because of its well-developed
transportation networks. The region offers access to major markets and distribution channels,
streamlining the supply chain for shoe manufacturers.
 The region also has a strong consumer base. Its dense population and affluent consumer markets
present a high demand for footwear, creating an ideal environment for shoe manufacturing
establishments.
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How do businesses use location to their advantage?
Control distribution arrangements
By controlling distribution agreements, manufacturers can restrict or prioritize the sale
of their products in specific regions; this allows them to target specific markets based
on demographics, purchasing power, or cultural preferences.
Operate in a location that is close to transport
Proximity to transportation hubs like ports, airports, major highways and rail lines
allows for more efficient and cost-effective movement of raw materials into the factory
and finished goods to customers.
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Competitive
Forces
Uncover challenges and benefits in
the operating environment, digging
into market share, buyer and supplier
power and key success factors for
operators.
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6. Competitive Forces
https://my.ibisworld.com/us/en/industry/31621/competitive-forces
Concentration
Low
Competition
High Increasing
Barriers to Entry
Moderate Increasing
Substitutes
Moderate Steady
Buyer Power
High Steady
Supplier Power
Moderate Steady
Key Takeaways
 Competition among manufacturers relies on price, quality and style. These variables are key in
determining the industry’s top manufacturers as they influence consumer choice and brand
popularity.
 Imports dominate the industry. Over 95% of domestic demand is fulfilled by imported products,
posing a significant challenge to the industry.
Concentration
Low
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What impacts the industry’s market share concentration?
High fragmentation keeps market share concentration low
 This low concentration reflects a fragmented market with a mix of a few large companies and many
small industry manufacturers specializing in higher valued-added footwear.
 Over 80% of all industry establishments employ four workers or fewer. Conversely, less than 1.0%
of industry establishments employ 500 workers or more.
Offshoring has decreased market share concentration
 The largest global footwear companies, like Nike and Adidas, manufacture nearly all their products
outside the country. Many brands, including those mentioned above, rely on contract manufacturers
in countries like Vietnam and China.
 This practice has continued over the past few years as large companies have primarily focused
domestic activities on the design and wholesale of footwear.
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How do successful businesses handle concentration?
Establish brand names
A strong brand name differentiates a company’s products from competitors’ generic offerings,
potentially commanding a premium price and attracting loyal customers.
Develop a wide and expanding product range
Offering diverse styles caters to varied consumer tastes and needs. Shoes for different occasions,
age groups, or seasons can help manufacturers capture a larger market share and stay competitive.
Barriers to Entry
Moderate Increasing
What challenges do potential industry entrants face?
Legal
 Manufacturers must adhere to trade, labor, environmental and other regulations. Some footwear
companies hold patents on specific technologies or designs used in their products. New entrants
must ensure their products do not infringe on these patents.
Start-Up Costs
 Starting a basic, small-scale footwear manufacturing operation does not require excessive capital
investment; as operations hike, so do start-up costs.
Differentiation
 Since competition is high in the industry, manufacturers can differentiate themselves through price
and styles. Securing competitive pricing on raw materials can be difficult for new entrants who lack
the purchasing power of established brands.
Labor Expenses
 Shoe and footwear manufacturing in the US is relatively labor intensive. This is because handmade
products are viewed as higher quality and can be priced as such.
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How can potential entrants overcome barriers to entry?
Develop effective cost controls
By implementing cost controls, new entrants can reduce their overall production costs,
allowing them to offer competitive pricing and potentially attract price-conscious
consumers.
Guarantee supply of key inputs
By strategically sourcing materials and negotiating with suppliers, manufacturers can
potentially reduce material costs and secure more favorable payment terms.
Substitutes
Moderate Steady
What are substitutes for industry services?
Imports
 Countries with low wage costs can manufacture shoes more affordably and sell them to
downstream buyers at a lower cost than domestic manufacturers. The top three global importers of
footwear are China, Vietnam and Italy.
 Manufacturing giants in these countries often benefit from economies of scale, producing massive
volumes of shoes, further reducing their per-unit production cost.
How do successful businesses compete with substitutes?
Develop a skilled labor force
In the shoe manufacturing industry, expert craft and detailed artistry can greatly
distinguish product quality, leading to brands that customers love and trust and thereby
reducing the appeal of substitutes.
Invest in new technology to enhance operational efficiency and quality
Shoe manufacturers can improve efficiency and create innovative designs and comfort
features by leveraging technological advancements. This makes their products more
appealing and competitive, making consumers less likely to switch to substitutes.
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Buyer & Supplier Power
What power do buyers and suppliers have over the industry?
Buyers: quality competition
High Steady
 Buyers choose which shoe manufacturer to buy from based on quality, price and style. Since the
industry is highly fragmented, buying power is high.
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 Buying power is lower for high-end products since fewer manufacturers offer them. Numerous
online and physical stores offer diverse brands and styles, allowing for easy comparison and choice.
Suppliers: price shifts
Moderate Steady
 Manufacturers must purchase input materials for shoes, including rubber and leather.
Manufacturers can often switch suppliers relatively easily, especially for raw materials and
components. However, there might be initial costs associated with changing suppliers and qualifying
new materials and the ability to switch limits the bargaining power of individual suppliers.
 Any fluctuation in the supply of raw materials for shoe manufacturing can significantly impact
production costs. Such shifts can trigger a substantial boost in expenses, directly impacting the
profitability of footwear manufacturers.
How do successful businesses manage buyer & supplier
power?
Develop a clear market position
By establishing a strong brand identity, manufacturers can create customer loyalty and
a preference for their specific products. This can make buyers less sensitive to price
fluctuations, allowing the manufacturer to maintain higher profit even in a competitive
market.
Develop links with suppliers
Strong links can facilitate joint development projects with suppliers. Manufacturers can
collaborate with suppliers to innovate materials, improve production processes, or
develop new technologies.
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Companies
Find out which companies hold the
most market share and how revenue,
profit and market share have shifted
over time for these leaders.
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7. Companies
https://my.ibisworld.com/us/en/industry/31621/companies
Key Takeaways
 New Balance benefits from US-based manufacturing. Because its operations are domestic, the
company can better avoid supply chain disruptions.
 Red Wing Shoes is prioritizing environmental consciousness. The company has agreed with
two solar farms to reduce their energy consumption, promote sustainability and expect long-term
cost savings.
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Market Share
Chart displays current year only in the PDF version of this report. You can view and download
chart for all other years associated with this industry on my.ibisworld.com.
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Companies
Company Market Share (%)
2024
Revenue ($m)
2024
Profit ($m)
2024
Profit Margin (%)
2024
New Balance Athletics, Inc. 15.2 288.6 20.9 7.2
Allen Edmonds Shoe Corp 6.0 113.6 8.2 7.2
Rocky Brands, Inc. 5.2 98.9 9.2 9.3
Wolverine World Wide, Inc. 4.5 85.2 8.3 9.8
Red Wing Shoes 4.1 78.1 5.7 7.2
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New Balance Athletics, Inc.
Company Details
Industry Revenue (2024) $288.6m
Industry Profit (2024) $20.9m
Total Employees (2024) 8,000
Industry Market Share (2024) 15.2%
Description
New Balance Athletics is a private company headquartered in Massachusetts with an estimated 8,000
employees. In the US, the company has a notable market share in at least two industries: Shoe & Footwear
Manufacturing, Athletic Shoe Stores and Athletic Shoe Stores. Their largest market share is in the Shoe &
Footwear Manufacturing industry, where they account for an estimated 15.2% of total industry revenue.
Brands and Trading Names
 New Balance
Other Industries
 Athletic Shoe Stores in the US
Company’s Industry Revenue, Market Share, and Profit Margin Over Time
Year Industry Revenue ($ million) Market Share (%) Profit Margin (%)
2018 274 15.2 7.0
2019 266 14.2 7.5
2020 213 13.8 3.4
2021 275 16.4 5.4
2022 320 17.6 7.3
2023 299 16.1 7.2
2024 289 15.2 7.2
What’s impacting New Balance Athletics, Inc.’s performance?
New Balance Sustains Business During Global Challenges Due to Made-in-the-USA Policy
 Throughout the global supply-chain crisis that followed the COVID-19 (coronavirus) pandemic, New
Balance Athletics Inc. (New Balance) has avoided supply disruptions due to their U.S.-based
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production structure, with 99.0% of its shoes being made domestically and 70.0% of its raw
materials also being sourced from the country. The company’s Chief Operating Officer (COO), Dave
Wheeler, has expressed confidence in New Balance’s ability to meet growing consumer demand
and revealed plans in late 2021 about the company’s plan to build a fifth factory. With 1,000
employees working at each factory, Wheeler hopes to help revive the economy with the addition of
a new location.
New Balance Takes Advantage of Advanced Information to Make Better Decisions
 Adapting to the changing economic conditions brought by the COVID-19 (coronavirus) pandemic,
New Balance Athletics Inc. (New Balance) has been able to sustain business through their
collaboration with Tibco Spotfire, a business intelligence software company that specializes in
predicting business outcomes through the use of analytics. As in-store sales came to a halt in 2020,
New Balance partnered with Tibco to sustain and grow e-commerce sales by gathering
demographic information in order to gain a better understanding of its customer base. According to
Steven Lubitz, applications manager at New Balance, the implementation of strategies based off of
the analytics gathered by Tibco has led to greater profitability.
Rebounding from Challenges, New Balance Experiences Growth in all Regions
 Despite adapting well to the COVID-19 (coronavirus) pandemic in 2020, New Balance Athletics Inc.
(New Balance) sales declined 15.0% to $3.4 billion in 2020, a year after generating $4.0 billion in
2019. In November of 2021 however, Chief Executive Officer (CEO) and President, Joe Preston
expressed his optimism for the company’s performance for the year as the economy continues to
reopen. Preston revealed that in every region across the world, New Balance has experienced
growth by 25.0% and went on to project that overall, company sales are expected to jump 30.0% in
2021, recovering from previous lows the year before.
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Allen Edmonds Shoe Corp
Company Details
Industry Revenue (2024) $113.6m
Industry Profit (2024) $8.2m
Total Employees (2024) 135
Industry Market Share (2024) 6.0%
Description
Allen Edmonds Shoe is a private company with an estimated 135 employees. In the US, the company has
a notable market share in at least one industry: Shoe & Footwear Manufacturing, where they account for an
estimated 6.0% of total industry revenue.
Company’s Industry Revenue, Market Share, and Profit Margin Over Time
Year Industry Revenue ($ million) Market Share (%) Profit Margin (%)
2016 103 5.5 3.0
2017 104 5.7 3.0
2018 118 6.5 7.0
2019 120 6.4 7.5
2020 99 6.4 7.0
2021 110 6.6 7.1
2022 118 6.5 7.3
2023 114 6.1 7.2
2024 114 6.0 7.2
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Rocky Brands, Inc.
Company Details
Industry Revenue (2024) $98.9m
Industry Profit (2024) $9.2m
Total Employees (2024) 2,495
Industry Market Share (2024) 5.2%
Description
Rocky Brands is a public company headquartered in Ohio with an estimated 2,495 employees. In the US,
the company has a notable market share in at least one industry: Shoe & Footwear Manufacturing, where
they account for an estimated 5.2% of total industry revenue.
Company’s Industry Revenue, Market Share, and Profit Margin Over Time
Year Industry Revenue ($ million) Market Share (%) Profit Margin (%)
2018 41 2.3 7.1
2019 44 2.3 8.2
2020 45 2.9 9.8
2021 84 5.0 7.0
2022 102 5.6 7.2
2023 93 5.0 8.6
2024 99 5.2 9.3
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Wolverine World Wide, Inc.
Company Details
Industry Revenue (2024) $85.2m
Industry Profit (2024) $8.3m
Total Employees (2024) 4,300
Industry Market Share (2024) 4.5%
Description
Wolverine World Wide is a public company headquartered in Michigan with an estimated 4,300 employees.
In the US, the company has a notable market share in at least one industry: Shoe & Footwear
Manufacturing, where they account for an estimated 4.5% of total industry revenue.
Company’s Industry Revenue, Market Share, and Profit Margin Over Time
Year Industry Revenue ($ million) Market Share (%) Profit Margin (%)
2009 99 5.7 1.3
2010 102 5.7 1.3
2011 108 5.6 1.3
2012 121 5.9 1.3
2013 117 5.9 1.3
2014 109 5.9 1.3
2015 107 5.9 1.3
2016 110 5.9 1.3
2017 105 5.8 1.3
2018 86 4.8 11.2
2019 87 4.6 7.5
2020 71 4.6 -7.7
2021 90 5.4 6.4
2022 90 4.9 -7.8
2023 87 4.7 8.0
2024 85 4.5 9.8
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Red Wing Shoes
Company Details
Industry Revenue (2024) $78.1m
Industry Profit (2024) $5.7m
Total Employees (2024) 2,100
Industry Market Share (2024) 4.1%
Description
Red Wing Shoes is a private company headquartered in Minnesota with an estimated 2,100 employees. In
the US, the company has a notable market share in at least one industry: Shoe & Footwear Manufacturing,
where they account for an estimated 4.1% of total industry revenue.
Brands and Trading Names
 Irish Setter
 S. B. Foot Tanning Co.
 St. James Hotel
 Vasque
 WORX
Company’s Industry Revenue, Market Share, and Profit Margin Over Time
Year Industry Revenue ($ million) Market Share (%) Profit Margin (%)
2018 114 6.3 7
2019 112 6.0 7.5
2020 109 7.0 7.0
2021 74 4.4 7.1
2022 80 4.4 7.3
2023 78 4.2 7.2
2024 78 4.1 7.2
What’s impacting Red Wing Shoes’s performance?
Investing in green energy, Red Wing Shoes eyes the future
 In 2017, Red Wing Shoes (Red Wing) signed a Solar Subscription Agreement with two NRG
community solar farms. Preventing 66.2 metric tons of carbon dioxide emissions, the agreement will
be for locations at Olmstead and Doge Counties in Minnesota. Red Wing Shoes will be subscribed
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4.0 million annual kilowatt-hours which totals around one-quarter of the company’s state electricity
consumption at its plants, warehouses and headquarters. As a result of the deal, the company is
projected to benefit from significant long-term savings.
Helping the community, Red Wing sacrifices sales
 In September of 2020, Red Wing Shoes (Red Wing) announced its commitment to forego sales to
help individuals across the country who have become unemployed as a result of the COVID-19
(coronavirus) pandemic. To assist local communities, the company transformed 525 of its stores
into job centers and also used its customer service line as a job search hotline for anyone who
could not be physically present. Promoting ‘#LaborDayOn’ via its social media channels, Red Wing
has also posted open positions at the company and its affiliates.
Red Wing Shoes gain a popularity boost through celebrity endorsements
 Red Wing Shoes (Red Wing) has benefitted from extra publicity in pop culture as Kanye West has
recently been captured by the paparazzi continuously wearing the company’s unreleased 17-inch
3094 safety boots during 2022. Priced $66.0 dollars before West started wearing them in public, the
identical pair of boots now sell for $3,050 on secondary markets. The brand has previously
benefitted from celebrity exposure, as Ryan Gosling, David Beckham, Drake and Pharrell have all
been spotted in Red Wing boots, solidifying the company’s fashion presence in addition to its
foothold within its traditional customer base.
You can view and download company details on my.ibisworld.com.
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External
Environment
Understand the demographic,
economic and regulatory factors
positively and negatively affecting the
industry.
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8. External Environment
https://my.ibisworld.com/us/en/industry/31621/external-environment
Regulation & Policy
Moderate Steady
Assistance
High Decreasing
Key Takeaways
 Shoe manufacturers must adhere to various environmental laws. These are regulations
imposed by federal, state, local and international entities to ensure sustainable practices in their
production process.
 Manufacturers benefit from substantial industry assistance. They receive this aid through tariff
protection and backing from industry associations, which substantially aids in mitigating risks and
facilitating growth.
External Drivers
What demographic and macroeconomic factors impact the industry?
Movements in exchange rates have a significant impact on the industry’s global competitiveness. An
appreciation of the US dollar makes imported footwear less costly and thus, more price-competitive.
Conversely, domestic products become more attractive on the international market when the dollar
depreciates. A rise in the trade-weighted index is poses a potential threat to the industry.
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Imports satisfy a significant share of domestic demand for footwear. Since shoe and footwear
manufacturing is highly labor-intensive, domestic producers often source many of their products from lowcost suppliers in foreign countries.
The industry is impacted by downstream demand from footwear wholesalers. During periods of high
footwear consumption, wholesalers demand more shoes from manufacturers to sell to retailers, driving
industry sales growth. A hike in demand from footwear wholesaling represents a potential opportunity for
the industry.
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Disposable income plays a major role in the spending decisions of individuals and households. If
disposable income is low, consumers are likely to buy far fewer discretionary items. A drop in disposable
income also causes consumers to prefer less costly imports to domestically manufactured footwear, which
are usually more expensive.
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Regulation & Policy
Moderate Steady
What regulations impact the industry?
Consumer Product Safety Commission
The CPSC federally regulates materials used in shoe manufacturing through laws, including the Consumer
Product Safety Improvement Act of 2008 and the Federal Hazardous Substances Act.
Environmental and anti-dumping laws
Environmental and anti-dumping laws impact shoe and footwear manufacturers. They mandate sustainable
production methods and prevent the import of cheap, low-quality foreign products. These regulations boost
operational costs but promote fair competition and protect the environment.
Customs duty
In early 2003, the United States began enforcing regulations requiring all importers to submit detailed
manifests to US customs 24 hours before the cargo leaves the country of origin. Footwear manufacturers
may be granted concessions, which will depend on the description of the footwear items.
Lanham Act
The Lanham Act impacts the industry by protecting brands from trademark infringement and false
advertising. It ensures businesses cannot imitate designs or wrongly advertise their products, promoting
competitive integrity while safeguarding consumers’ and manufacturers’ proprietary rights.
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Assistance
High Decreasing
What assistance is available to this industry?
Tariff protection
Duties on footwear imported into the United States range from 0.0% to 15.0%. This rate depends on the
manufacturer and the principal component of the shoe. For example, leather-made shoes carry different
tariff rates than those made from rubber, plastic and pig skin.
The World Trade Organization (WTO)
The WTO sets global trade rules between nations participating in the shoe and footwear manufacturing
industry. WTO agreements establish the legal ground rules for international trade and the market-opening
commitments taken up by its members. These agreements are negotiated and signed by all WTO members
and ratified in their parliaments.
The Berry Amendment
The industry benefits from the implementation of the Berry Amendment. According to the statute, the
Department of Defense must procure 100.0% of the shoes and footwear issued to military personnel
domestically.
United States Footwear Manufacturers Association (USFMA)
The USFMA is a nonprofit organization dedicated to supporting the growth and development of the
domestic footwear industry. The USFMA fosters innovation, networking and collaboration among
manufacturers and suppliers. Its mission includes information exchange, research and development for
military footwear, promoting fair trade and protecting the industrial base.
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Financial
Benchmarks
Understand average costs for
industry operators and compare
financial data against key ratios and
financial benchmarks broken down by
business size.
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9. Financial Benchmarks
https://my.ibisworld.com/us/en/industry/31621/financial-benchmarks
Profit Margin
7.3 %
↑ Higher than sector
Average Wage
$42,909
↓ Lower than sector
Largest Cost
Purchases
51.6% of Revenue
Key Takeaways
 Manufacturers maintain profits through customization. By personalizing products and using
direct-to-consumer sales, they offset price pressures from cheap imports to stay profitable.
 Labor intensity drives up wages in footwear manufacturing. The need for skilled workers
combined with complex processes increases wage costs, prompting companies to outsource and
use advanced technologies for cost efficiency.
Cost Structure
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Chart displays current year only in the PDF version of this report. You can view and download
chart for all other years associated with this industry on my.ibisworld.com.
What trends impact industry costs?
Purchases are the largest expense for manufacturers
 Raw input materials for production typically include natural and synthetic rubber, plastic compounds,
foam cushioning materials, nylon, leather, canvas, polyurethane films and packaging items.
 This category has stagnated as a share of revenue during the period despite manufacturers
increasingly opting to compete based on product quality, having purchased larger quantities of highquality raw materials.
Manufacturers have maintained steady profitability
 Although profits have remained steady in the industry, they have been impacted by the influx of
cheap imports. The industry has strategically shifted towards trends emphasizing customization and
direct-to-consumer (D2C) sales.
 Customization allows manufacturers to compete on uniqueness rather than price, meeting
consumer demands for personalized products. Also, selling directly to consumers via online
platforms or brand-exclusive stores reduces the costs of middlemen, offsetting some of the pressure
from cheaper imported shoes.
Labor intensity keeps wages high
 The operations within this industry are remarkably labor-intensive. Manufacturing high-end,
performance-driven footwear traditionally entails intricate processes and specialized materials.
These factors demand the recruitment of highly skilled workers, which, in turn, leads to a surge in
wage costs.
 High labor costs push footwear companies to outsource manufacturing to countries with cheaper
labor and employ advanced technologies for efficiency. This strategy reduces production costs,
enabling competitive pricing for quality products and higher profit in a competitive market.
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Financial Ratios
Industry Multiples
Ratio 2018 2019 2020 2021 2022 3-Year 5-Year 10-Year
EBIT/Revenue 5.8 9.6 3.3 3.2 3.3 3.3 5.0 5.3
EBITDA/Revenue 9.2 13.0 6.4 6.9 6.8 6.7 8.5 8.7
Leverage Ratio 9.7 6.7 15.6 13.8 13.8 14.4 11.9 11.1
Industry Tax Structure
Ratio 2018 2019 2020 2021 2022 3-Year 5-Year 10-Year
Taxes Paid/Revenue 1.6 2.3 1.2 1.2 1.2 1.2 1.5 1.6
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Income Statement
Ratio 2018 2019 2020 2021 2022 3-Year 5-Year 10-Year
Total Revenue 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Business receipts 97.1 92.9 98.0 99.6 100.0 99.2 97.5 97.4
Cost of goods 67.1 60.4 67.9 66.0 66.1 66.7 65.5 64.4
Gross Profit 32.9 39.6 32.1 34.0 33.9 33.3 34.5 35.6
Expenses
Salaries and wages 8.8 9.9 10.0 9.7 9.9 9.9 9.7 10.4
Advertising 0.8 1.4 0.6 0.7 0.7 0.7 0.8 1.0
Depreciation 2.1 2.1 1.8 1.7 1.7 1.7 1.9 2.0
Depletion 0.5 0.5 0.5 0.2 0.1 0.2 0.3 0.4
Amortization 0.8 0.9 0.9 1.8 1.8 1.5 1.2 1.1
Rent paid 1.4 1.3 1.5 1.8 1.8 1.7 1.6 2.0
Repairs 0.7 0.6 0.7 1.0 1.1 0.9 0.8 0.7
Bad debts 1.3 2.7 0.1 0.1 0.0 0.1 0.9 0.5
Employee benefit programs 1.6 2.0 1.7 2.2 2.8 2.2 2.1 2.0
Compensation of officers 1.9 1.9 2.2 1.7 1.8 1.9 1.9 2.3
Taxes paid 1.6 2.3 1.2 1.2 1.2 1.2 1.5 1.6
Interest Income 16.0 0.8 0.1 0.1 0.0 0.1 3.4 2.0
Other Income
Royalties 0.8 0.7 0.1 0.2 0.2 0.2 0.4 0.6
Rent Income 0.5 0.2 0.9 1.2 1.4 1.2 0.8 0.6
Net Income 2.5 5.4 0.9 0.7 0.8 0.8 2.1 2.2
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Balance Sheet
Ratio 2018 2019 2020 2021 2022 3-Year 5-Year 10-Year
Assets
Cash and Equivalents 0.8 9.8 12.4 14.3 14.2 13.6 10.3 7.6
Notes and accounts receivable 21.4 13.7 17.9 20.9 20.0 19.6 18.8 18.7
Allowance for bad debts 0.9 1.4 1.4 2.7 2.7 2.3 1.8 1.6
Inventories 17.5 7.6 11.7 13.8 14.0 13.1 12.9 15.3
Other current assets 6.2 2.0 2.3 2.9 2.9 2.7 3.3 3.7
Other investments 11.0 9.4 8.9 9.5 10.0 9.5 9.8 11.4
Property, Plant and Equipment 20.4 27.0 27.2 27.2 27.4 27.3 25.8 25.3
Accumulated depreciation 11.1 15.3 15.2 16.4 16.8 16.1 15.0 14.3
Intangible assets (Amortizable) 20.6 14.8 23.1 17.3 18.4 19.6 18.8 18.9
Accumulated amortization 7.1 4.0 0.3 0.4 0.4 0.4 2.4 3.2
Other assets 18.8 6.4 6.1 8.4 8.6 7.7 9.7 8.0
Total assets 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Accounts payable 13.8 0.8 9.4 12.7 12.1 11.4 9.8 8.9
Liabilities and Net Worth
Mort, notes, and bonds under 1 yr 15.6 7.0 3.7 8.4 8.4 6.9 8.6 7.4
Other current liabilities 15.4 9.0 5.0 6.9 6.8 6.2 8.6 10.8
Loans from shareholders 6.5 3.3 13.3 46.6 48.1 36.0 23.6 15.3
Mort, notes, bonds, 1 yr or more 16.2 48.0 29.7 29.5 30.1 29.7 30.7 32.9
Other liabilities 17.7 21.4 10.5 11.9 11.9 11.4 14.7 13.9
Total liabilities 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Capital stock 2.5 11.3 11.4 9.6 9.9 10.3 8.9 8.5
Additional paid-in capital 20.1 19.4 14.6 18.4 20.1 17.7 18.5 17.4
Retained earnings, appropriated 2.3 2.3 4.2 24.9 25.8 18.3 11.9 8.1
Retained earnings-unappropriated 13.4 13.4 13.4 13.4 13.4 13.4 13.4 14.3
Cost of treasury stock 5.3 4.8 3.8 6.1 6.3 5.4 5.2 4.8
Net worth 41.4 38.5 35.9 44.9 46.5 42.5 41.4 35.1
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Liquidity Ratios
Ratio 2018 2019 2020 2021 2022 3-Year 5-Year 10-Year
Current Ratio 1.1 2.2 2.6 2.0 2.1 2.2 2.0 2.2
Quick Ratio 0.7 1.7 2.0 1.5 1.6 1.7 1.5 1.7
Sales/Receivables 5.3 8.4 5.6 5.0 5.3 5.3 5.9 7.5
Days’ Receivables 69.1 43.7 65.5 72.5 68.6 68.8 63.9 62.8
Days’ Inventory 84.2 39.9 62.8 72.4 72.3 69.2 66.3 79.6
Inventory Turnover 4.3 9.1 5.8 5.0 5.0 5.3 5.9 5.0
Payables Turnover 5.5 11.0 7.2 5.5 5.8 6.2 7.0 9.5
Days’ Payables 66.2 4.2 50.7 66.7 62.9 60.1 50.1 46.5
Sales/Working Capital 4.2 4.9 4.5 4.3 4.3 4.4 4.4 4.7
Coverage Ratios
Ratio 2018 2019 2020 2021 2022 3-Year 5-Year 10-Year
Interest Coverage 320.3 337.0 355.6 369.8 366.1 363.8 349.7 353.8
Debt Service Coverage Ratio 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Leverage Ratios
Ratio 2018 2019 2020 2021 2022 3-Year 5-Year 10-Year
Fixed Assets/Net Worth 1.6 1.8 2.0 1.7 1.7 1.8 1.8 2.0
Debt/Net Worth 2.4 2.6 2.8 2.2 2.2 2.4 2.4 3.0
Tangible Net Worth 0.4 0.4 0.4 0.4 0.5 0.4 0.4 0.4
Operating Ratios
Ratio 2018 2019 2020 2021 2022 3-Year 5-Year 10-Year
Return on Net Worth, % 15.9 28.4 9.2 7.5 7.5 8.1 13.7 17.7
Return on Assets, % 6.6 10.9 3.3 3.4 3.5 3.4 5.5 5.9
Sales/Total Assets 1.1 1.1 1.0 1.1 1.1 1.0 1.1 1.1
EBITDA/Revenue 9.2 13.0 6.4 6.9 6.8 6.7 8.5 8.7
EBIT/Revenue 5.8 9.6 3.3 3.2 3.3 3.3 5.0 5.3
Cash Flow & Debt Service Ratios (% of sales)
Ratio 2018 2019 2020 2021 2022 3-Year 5-Year 10-Year
Cash from Trading 50.9 52.4 23.6 32.1 33.5 29.7 38.5 35.5
Cash after Operations 21.1 35.8 4.1 18.0 18.1 13.4 19.4 19.3
Net Cash after Operations 20.4 39.5 8.2 16.8 18.2 14.4 20.6 17.4
Debt Service P&I Coverage 1.2 4.2 1.3 1.5 1.7 1.5 2.0 1.9
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Interest Coverage (Operating Cash) 12.0 21.2 6.7 13.7 14.4 11.6 13.6 11.5
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Key Ratios
Year Revenue
per
Employee
($)
Revenue
per
Enterprise
($ Million)
Employees
per Estab.
(Units)
Employees
per Ent.
(Units)
Average
Wage
($)
Wages/
Revenue
(%)
Estab. per
Enterprise
(Units)
IVA/
Revenue
(%)
Imports/
Demand
(%)
Exports/
Revenue
(%)
2005 191,679 3.4 17.1 17.7 41,590 21.7 1.0 37.7 96.1 29.1
2006 202,292 3.2 15.4 15.8 41,800 20.7 1.0 36.5 96.6 33.9
2007 189,242 2.5 13.1 13.3 40,156 21.2 1.0 32.1 97.3 42.2
2008 203,993 3.1 14.9 15.2 40,423 19.8 1.0 26.0 97.4 48.7
2009 201,526 2.9 14.1 14.4 40,212 20.0 1.0 27.7 97.6 49.8
2010 200,757 3.1 15.0 15.4 41,339 20.6 1.0 29.3 98.0 54.8
2011 221,388 3.1 13.5 13.8 41,787 18.9 1.0 24.0 98.3 61.0
2012 225,423 2.9 12.7 12.9 41,764 18.5 1.0 23.8 98.2 59.4
2013 216,463 2.9 13.2 13.4 43,574 20.1 1.0 23.8 98.3 58.6
2014 212,174 2.7 12.3 12.5 45,245 21.3 1.0 27.0 98.7 64.9
2015 204,621 2.6 12.5 12.7 46,098 22.5 1.0 28.7 98.8 65.4
2016 209,737 2.7 12.5 12.7 45,648 21.8 1.0 23.7 98.4 55.4
2017 187,714 2.6 13.5 13.8 43,149 23.0 1.0 28.9 98.4 55.8
2018 170,879 2.5 14.3 14.6 44,192 25.9 1.0 34.0 98.7 61.1
2019 175,462 2.5 14.2 14.5 43,737 24.9 1.0 33.2 98.9 68.6
2020 159,126 2.1 12.9 13.0 41,591 26.1 1.0 34.1 98.4 56.8
2021 171,229 2.1 12.2 12.4 42,904 25.1 1.0 33.4 98.6 55.9
2022 172,165 2.1 12.3 12.5 42,944 24.9 1.0 33.3 98.9 57.9
2023 171,587 2.1 12.2 12.4 42,920 25.0 1.0 33.3 98.8 66.2
2024 171,445 2.1 12.2 12.4 42,909 25.0 1.0 33.3 98.7 64.9
2025 172,017 2.1 12.2 12.4 42,932 25.0 1.0 33.3 98.8 65.9
2026 172,123 2.1 12.1 12.2 42,942 24.9 1.0 33.3 98.8 66.1
2027 172,472 2.1 12.0 12.1 42,957 24.9 1.0 33.3 98.8 66.5
2028 172,351 2.1 11.9 12.1 42,954 24.9 1.0 33.3 98.8 66.9
2029 172,178 2.1 11.9 12.0 42,945 24.9 1.0 33.3 98.8 67.3
2030 171,822 2.1 11.9 12.0 42,925 25.0 1.0 33.3 98.8 67.4
*Figures are inflation adjusted to 2023
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Key Statistics
Discover 14 years of historical,
current and forward-looking industry
performance data in table format.
IBISWorld | Shoe & Footwear Manufacturing in the US May 2024
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10. Key Statistics
https://my.ibisworld.com/us/en/industry/31621/key-statistics
Industry Data
Values
Year Revenue
($ Million)
IVA
($ Million)
Establishments
(Units)
Enterprises
(Units)
Employment
(Units)
Exports
($ Million)
Imports
($ Million)
Wages
($ Million)
2005 3,073.2 1,157.9 937 906 16,033 894.0 53,565.8 666.8
2006 2,979.4 1,087.3 955 931 14,728 1,008.6 55,521.2 615.6
2007 2,594.5 832.2 1,050 1,027 13,710 1,093.7 54,726.0 550.5
2008 2,759.8 718.0 911 890 13,529 1,343.6 54,113.9 546.9
2009 2,442.9 675.7 861 840 12,122 1,217.7 48,906.2 487.5
2010 2,519.5 737.9 837 815 12,550 1,379.6 56,679.3 518.8
2011 2,623.7 629.0 878 858 11,851 1,599.6 60,527.6 495.2
2012 2,749.0 655.1 963 944 12,195 1,632.3 62,454.0 509.3
2013 2,614.4 623.0 917 899 12,078 1,531.3 63,704.4 526.3
2014 2,397.6 648.0 919 902 11,300 1,555.0 65,574.9 511.3
2015 2,332.5 670.1 913 895 11,399 1,524.3 68,849.5 525.5
2016 2,370.0 560.8 907 889 11,300 1,313.8 64,120.4 515.8
2017 2,276.2 657.5 899 881 12,126 1,269.1 62,697.1 523.2
2018 2,200.1 747.2 901 884 12,875 1,343.6 63,876.8 569.0
2019 2,256.1 749.1 903 889 12,858 1,548.3 63,713.2 562.4
2020 1,834.6 626.3 892 889 11,529 1,041.1 47,980.2 479.5
2021 1,896.9 632.8 907 896 11,078 1,060.3 60,462.0 475.3
2022 1,923.3 640.2 908 897 11,171 1,113.9 74,281.8 479.7
2023 1,903.6 634.5 906 895 11,094 1,260.7 52,459.3 476.2
2024 1,897.9 632.6 905 895 11,070 1,231.4 51,296.0 475.0
2025 1,904.4 634.2 907 896 11,071 1,254.9 51,474.1 475.3
2026 1,886.3 627.8 906 895 10,959 1,246.7 50,984.7 470.6
2027 1,874.6 623.4 905 895 10,869 1,246.3 50,668.3 466.9
2028 1,863.8 620.0 906 895 10,814 1,246.5 50,376.6 464.5
2029 1,854.7 617.2 904 894 10,772 1,248.0 50,129.1 462.6
2030 1,838.5 612.4 902 893 10,700 1,239.6 49,691.0 459.3
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*Figures are inflation adjusted to 2024
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Annual Change
Year Revenue
%
IVA
%
Establishments
%
Enterprises
%
Employment
%
Exports
%
Imports
%
Wages
%
2005 N/A N/A N/A N/A N/A N/A N/A N/A
2006 -3.1 -6.1 1.9 2.8 -8.1 12.8 3.7 -7.7
2007 -12.9 -23.5 9.9 10.3 -6.9 8.4 -1.4 -10.6
2008 6.4 -13.7 -13.2 -13.3 -1.3 22.8 -1.1 -0.7
2009 -11.5 -5.9 -5.5 -5.6 -10.4 -9.4 -9.6 -10.9
2010 3.1 9.2 -2.8 -3.0 3.5 13.3 15.9 6.4
2011 4.1 -14.8 4.9 5.3 -5.6 15.9 6.8 -4.5
2012 4.8 4.2 9.7 10.0 2.9 2.0 3.2 2.8
2013 -4.9 -4.9 -4.8 -4.8 -1.0 -6.2 2.0 3.3
2014 -8.3 4.0 0.2 0.3 -6.4 1.6 2.9 -2.9
2015 -2.7 3.4 -0.7 -0.8 0.9 -2.0 5.0 2.8
2016 1.6 -16.3 -0.7 -0.7 -0.9 -13.8 -6.9 -1.8
2017 -4.0 17.2 -0.9 -0.9 7.3 -3.4 -2.2 1.4
2018 -3.3 13.6 0.2 0.3 6.2 5.9 1.9 8.7
2019 2.5 0.3 0.2 0.6 -0.1 15.2 -0.3 -1.2
2020 -18.7 -16.4 -1.2 0.0 -10.3 -32.8 -24.7 -14.7
2021 3.4 1.0 1.7 0.8 -3.9 1.8 26.0 -0.9
2022 1.4 1.2 0.1 0.1 0.8 5.1 22.9 0.9
2023 -1.0 -0.9 -0.2 -0.2 -0.7 13.2 -29.4 -0.7
2024 -0.3 -0.3 -0.1 0.0 -0.2 -2.3 -2.2 -0.2
2025 0.3 0.3 0.2 0.1 0.0 1.9 0.3 0.1
2026 -1.0 -1.0 -0.1 -0.1 -1.0 -0.7 -1.0 -1.0
2027 -0.6 -0.7 -0.1 0.0 -0.8 0.0 -0.6 -0.8
2028 -0.6 -0.5 0.1 0.0 -0.5 0.0 -0.6 -0.5
2029 -0.5 -0.5 -0.2 -0.1 -0.4 0.1 -0.5 -0.4
2030 -0.9 -0.8 -0.2 -0.1 -0.7 -0.7 -0.9 -0.7
*Figures are inflation adjusted to 2024
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