Wet molding on large scale

[Macan]

I wonder how they mass product folding knife sheat for folders or round clips on large scale where its needed to wet form something. Do they have some wood template? I saw this morning a really cheap sheat(good one ) and really dont have a clue how that can be so cheap with that amount of work and good leather used.

 

[AntCaps]

I'd assume they use vacuum forming with blanks shaped like the knife. I have no evidence to back this up just a guess.