A shoe footbed 10 made by first molding a shape-retaining layer 12 into a contoured condition. After the shape-retaining layer 12 has been molded, a layer of thermal insulation 14 is placed on top of the molded layer 12. A conforming layer 16 and a fabric top layer 18 may be placed over the thermal insulation 14 and the shape-retaining layer 12. The inventive method of manufacture is particularly suited for making insulated footbeds that contain nonwoven webs of polymeric microfiber because damage to the fibrous web from heat and compression may be avoided.