OMAHA, Neb. - The chief executive of Brooks Running, part of Warren Buffett’s Berkshire Hathaway Inc, said his company will shed much of its presence in China by moving running shoe production to Vietnam, a result of the trade dispute between China and the United States.
Weber said the tariff threat weighed “massively” because Brooks cannot simply raise prices on its shoes, which typically retail for $100 to $160 a pair, and though trade tensions have cooled, the company could not wait for a resolution. Brooks shoes are sold in 56 countries, and account for the bulk of the Seattle-based company’s annual revenue, which grew 26 percent last year to $644 million.
Brooks plans to continue research and development, as well as small production runs of shoes, in China.
No company moves their company to another country without incentives that must be missing from the article
realDonaldTrump doesn’t play, it’s America first.
I bet it drives him crazy that trump is ruining trade with tariffs.
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