Nike is on the cusp of losing the production of 160 million pairs of shoes after the closure of a factory in Vietnam due to a Covid spike.
The sportswear giant announced in July that manufacturing in Vietnam had to be paused after the Delta variant was sweeping through the country’s communities.
Vietnamese contract factories made up a huge 50 per cent of branded footwear last year and the news of Nike’s factory closure caused its share price to slip 2.7 per cent.
There are concerns that the ongoing issues with supply chains will hamper production just before the all-important holiday season.
