Puma opens development center in Vietnam

Puma opens development center in Vietnam

Frankfurt: German sporting goods company Puma AG opened a new product development center in Vietnam on Tuesday, part of an effort to streamline the creation of new apparel and reduce costs.

Puma said the center in Ho Chi Minh City pulls together suppliers, researchers and developers under one roof.

The concept “will increase Puma’s speed to market, reduces our cost base and makes sure that our products are of excellent quality," chief executive Jochen Zeitz said in a statement.

“It underpins Puma’s current restructuring efforts to streamline our business operations throughout all steps of the value chain," he added.

Footwear and apparel will be developed at the new complex.

Herzogenaurach, Germany-based Puma is the world’s third largest sporting goods company after crosstown rival Adidas AG and Nike Inc. of the US.

Shares of Puma were up 1.6% at euro231.70 ($345.23) in Frankfurt morning trading.