Regina Miracle lays off 8,400 employees in Vietnam

Global renowned lingerie manufacturer Regina Miracle has laid off 8,400 employees at its factory in Vietnam within a year due to a decline in export orders. Founded in Hong Kong, China, Regina Miracle is known as a major lingerie production hub for many well-known global lingerie brands such as Victoria's Secret. In 2016, the group began establishing factories in Vietnam. After approximately four years, Regina Miracle has expanded to six factories and two representative subsidiaries.

According to the company's 2023 financial report (covering the period ending on March 31st each year), Vietnam accounted for 85% of the total revenue of the group as of March 31st this year, playing an increasingly important role as a major production base for Regina Miracle. Therefore, with the downward trend in export orders in the second half of the 2023 fiscal year, the group had to suspend recruiting local workers in Vietnam since September last year and optimize the company's structure by hiring local labor as appropriate.

It is worth noting that as of the end of the 2022 fiscal year, the business employed a total of 39,000 employees, but to date, that number has decreased to approximately 31,600, a reduction of 8,400 employees within one year. Furthermore, Regina Miracle has adjusted its production units and operating hours to improve labor utilization. At the same time, efforts have been made to localize the workforce, with a local employee ratio reaching 98%.