Did you read your own link? It undercuts all the points you're making. They make a bunch of shoes there still (it's not clear if they've even reduced Chinese pr

Did you read your own link? It undercuts all the points you're making. They make a bunch of shoes there still (it's not clear if they've even reduced Chinese production or moved new capacity to Vietnam) and they are moving further up the value chain to luxury shoe production. And the reason for the move (increasing wages) means more consumption and more capacity for consumer deleveraging.