Legacy Footwear, a publicly listed shoe exporter operating within Bangladesh’s tannery sector, has announced a strategic partnership with China’s Wenzhou Honshengda Industry Co. Ltd. (HSD), aiming to export 300,000 pairs of shoes annually. The deal is projected to generate an additional Taka 36.6 crore in revenue for the company.
The five-year agreement, disclosed through a stock exchange filing, seeks to expand order volumes, secure high-quality raw materials, and enhance production efficiency. Under the terms, Wenzhou Honshengda will facilitate export order procurement and assist in sourcing raw materials that meet quality standards. The Chinese partner will also provide technical support and skilled technicians to ensure high-quality manufacturing.
The company projects an incremental net profit increase of approximately 12% to 14% annually as a result of the deal, with expectations of positively impacting its revenue, profitability, and export market presence.
Shah Alam Swapan, the company secretary, noted, “The Chinese firm has been procuring shoes from Bangladesh for a long time. Now, we have formalised a deal to export shoes directly.” He added that the agreement would significantly benefit the company’s revenue and profitability.
Legacy Footwear’s recent financial statements indicate a gradual recovery after experiencing a setback in the 2022–23 fiscal year. In FY ’23, the company’s revenue plummeted to Taka 17 lakh from Taka 11.99 crore the previous year, largely due to reduced exports amid the Russia-Ukraine conflict. Despite the decline, the company posted a net profit of Taka 45 lakh for that year. In FY ’24, revenue improved to Taka 2.19 crore, with a profit of Taka 52 lakh.
For the first nine months of the current fiscal year (July 2024 to March 2025), the company reported increased revenue but recorded a net loss of Taka 61 lakh, according to its third-quarter financial report.
In September last year, the Bangladesh Securities and Exchange Commission (BSEC) approved amendments to the company’s fund utilisation plan for Taka 13.21 crore, with Taka 8.21 crore allocated for working capital and Taka 5 crore for investment in DS30 stocks. The deadline for fund utilisation was extended until June.
Founded in 1996 and listed since 2000, Legacy Footwear produces leather shoes at its Gazipur factory, which is equipped with modern machinery of Italian and German origin. The company continues to focus on expanding its export markets and strengthening its domestic presence.
