Renowned shoe manufacturer heavily fined! Shoe giant announces closure of its subsidiaries, goes off the deep after just three years

Well-known shoe factory heavily fined

On December 2, it was reported by the media:

The People's Committee of Tong Nai Province has just issued Penalty Decision No. 3573/QD-XPHC against Dona Standard Vietnam Shoes Company Limited, located in Chun Lu Industrial Park, Chun Tan Commune, Chun Lu Province, for administrative violations in the field of environmental protection.

A series of environmental violations occurred in factories 1, 2 and 4 of Dona Standard Vietnam Shoes Company.

Accordingly, the total fines for violations of Dona Standard Footwear Vietnam Ltd. amounted to VND1.08 billion (about RMB310,000).

Among them, facilities No. 1 and No. 2 have not obtained the certificate of completion of environmental protection works before the official operation of the project; and there is no written report on the installation of additional machinery and equipment and dust and exhaust gas treatment works compared to the approved environmental impact assessment report.

Facility No. 4 has not obtained the certificate of completion of environmental protection works before the official operation of the project; there is no written report on additional machinery, equipment and dust and treatment works compared to the approved environmental impact assessment report.

Not only Dona Standard Vietnam Shoes , recently, the People's Committee of Tong Nai Province has also issued a series of decisions on administrative penalties with large amounts.

Going down the deep after 3 years,Nike announced that it will close its brand RTFKT

Recently, Nike announced that it will close its brand RTFKT，total revenue was once close to 50 million dollars, why after 3 years down the altar?

Nike CEO Elliott Hill has adjusted the company's strategy and priorities since taking office in October of this year. The first shot at Web3, plans to stop the operation of RTFKT before the end of January 2025, the news shocked many NFT collectors and sport shoes enthusiasts.

According to reports, RTFKT was founded in 2020 and acquired by Nike in 2021 for an undisclosed amount, with the goal of expanding Nike's influence in the meta-universe.

After the successful acquisition, Nike joined hands with RTFKT to launch a number of virtual sneakers and collaborated with famous designers as well as artists, such as sneaker designer Jeff Staple and Japanese artist Murakami Takashi, and even approached NBA star LeBron James to create a special edition of the NFT virtual sneaker in 2023, which has further enhanced the brand's popularity.

According to DeFiLlama, RTFKT's total revenue at one point approached $50 million, which included more than $45 million in royalty income, as well as popular NFT collections such as CloneX, MNLTH, and other virtual collectibles.

However, with the impact of the epidemic slowing down and consumers' enthusiasm for virtual goods fading, alarm bells are ringing for RTFKT's operations.

CryptoSlam data shows that although NFT sales reached a six-month high in November this year, with cumulative sales approaching $9.9 billion, it is still far below the 2021 peak of $15.7 billion and the 2022 peak of $23.7 billion.

On the other hand, Nike cited a slowdown in market demand in June of this year, predicting a decline in future financial revenues and the need to re-examine the direction of investment in its some products, which ultimately led to the RTFKT going down the deep.

Prior to the end of its operations, RTFKT said it will launch an updated website by the end of this year to commemorate its innovation in the virtual sneaker space. The site will showcase RTFKT's designs from the past to the present to illustrate this journey, and plans to launch a new “BLADE DROP” line of NFTs as a final dance before ceasing operations.