Jump to content

Canada Goose (clothing)

From Wikipedia, the free encyclopedia
Canada Goose Holdings Inc.
Company typePublic
TSXGOOS
NYSEGOOS
IndustryRetail
Founded1957; 67 years ago (1957)
FounderSam Tick[1]
Headquarters,
Canada
Area served
Online, retail stores: Chicago, New York, Boston, Minneapolis, Toronto, Montreal, Calgary, Edmonton, Vancouver, Tokyo, London, Paris, Frankfurt[3]
Key people
ProductsOuterwear
Knitwear
RevenueIncrease CA$1.33 billion (2024)
Decrease CA$125 million (2024)
Decrease CA$58 million (2024)
Total assetsDecrease CA$1.48 billion (2024)
Total equityDecrease CA$424 million (2024)
OwnerBain Capital and others
Number of employees
4,462 (2024)[5]
Websitecanadagoose.com
Footnotes / references
Financials as of March 31, 2024[5]

Canada Goose Holdings Inc. is a Canadian holding company of luxury winter clothing manufacturers. The company was founded in 1957 by Sam Tick, under the name Metro Sportswear Ltd.[6]

History

[edit]

In 1957, Polish-Jewish immigrant Sam Tick founded Metro Sportswear, the company that would later become Canada Goose.[1][7] The company's first products were wool vests, raincoats, and snowsuits.[1] Tick's son-in-law David Reiss joined Metro Sportswear in 1972 and introduced a down-filling machine that allowed the company to more efficiently produce winter jackets.[8][9]

By the late 1970s, the company was supplying parkas to police, corrections officers, park rangers, and other public sector workers under the Snow Goose brand name.[10][6] It also sold designs to larger apparel manufacturers such as L.L. Bean and Eddie Bauer.[10][6] In 1982, Reiss succeeded Tick as the company's CEO.[9][8] In 1985, Reiss acquired a majority stake in the company and changed its name to Snow Goose.[10][8]

In 1997, David's son Dani Reiss joined the company, initially working in sales.[1][6] In 2000, at Dani Reiss's urging, the company changed its name from Snow Goose to Canada Goose.[11] The following year, Dani Reiss took over from his father as CEO of the company.[6][7] Under Dani Reiss' leadership, the company discontinued its private label operations to focus mainly on consumer products.[6] The business saw rapid growth around the turn of the millennium and revenues increased from roughly $3 million in 1991 to roughly $17.5 million in 2008.[12]

21st century

[edit]

In 2010 Canada Goose opened an office in Stockholm, Sweden, for its European operations.[13] In 2011, Canada Goose acquired a new plant in Winnipeg, Manitoba, Canada.[14] As global growth continued, Canada Goose moved its Winnipeg operations into a larger facility in 2013.[15] This growth occurred when the luxury parka market grew significantly, with Canadian luxury apparel brands, including Canada Goose, aggressively marketing their parkas to young Canadians.[16]

In January 2012, Canada Goose launched a lawsuit against International Clothiers in the Federal Court of Canada for trademark infringement. Canada Goose alleged International Clothiers of intentionally designing a logo and positioning it on jackets to mimic the Canada Goose Arctic Program trademark. The International Clothiers product lines in question were the foreign-manufactured Canada Weather Gear and Super Triple Goose.[17] Canada Goose claimed that unfair business practices were used including publishing print advertisements to promote the jackets as Canada Goose products.[18] A settlement was reached in November 2012.[19]

A seamstress sewing the brand label onto a piece of fabric at the Canada Goose manufacturing plant in Toronto

In December 2013, Boston-based private equity firm Bain Capital acquired a 70 per cent equity stake in Canada Goose at a $250 million valuation.[20][21] The deal included a commitment to keep manufacturing in Canada.[22] At the time, the company had grown to approximately 1,000 employees and had recently opened new manufacturing plants in Toronto and Winnipeg.[23] In December 2014, Canada Goose opened a showroom and sales office in New York City.[24][25] From 2001 to 2014, the company's sales revenue had grown from $3 million to $200 million.[26]

Storefront for Canada Goose at Yorkdale Shopping Centre in 2017

In January 2015, Canada Goose acquired a second manufacturing facility in Scarborough and opened a second factory in Winnipeg that November.[27][28] In late 2016, Canada Goose opened a store in Toronto's Yorkdale Shopping Centre.[29][30]

The company announced preparations in November 2016 for an initial public offering,[31] reporting that it generated $291 million in revenue and $27 million in profit in 2016 and had $278 million in debt.[32] On March 16, 2017, shares of the company began trading on the Toronto Stock Exchange and New York Stock Exchange under the ticker symbol GOOS.[33] The IPO was composed of 20 million shares selling for around $13 per share, and raised approximately $255 million in new revenue.[34][35]

In June 2017, Canada Goose opened its first manufacturing facility in Quebec, a 95,000 square foot facility in Boisbriand.[36] In October 2017, Canada Goose opened its second United States flagship store on the Magnificent Mile in Chicago.[37]

A third Winnipeg-based Canada Goose manufacturing plant opened in September 2018.[38] This facility brought Canada Goose's employee count in Winnipeg to 1,700 workers.[38] Two months later, the company expanded into China, despite calls to boycott Canadian products over the arrest of Huawei CFO Meng Wanzhou in Canada. It established a store in Beijing,[39] opening in December 2018.[40] In May 2019, the company opened its eighth Canadian production facility and first in Montreal.[41][42]

In May 2024, Canada Goose appointed Haider Ackermann as its first-ever creative director.[43][44][45]

Products

[edit]
Members of the United States Antarctic Program in Canada Goose parkas at Observation Hill in Antarctica

Canada Goose manufactures outerwear and apparel, including coats, parkas, knitwear, hats, gloves and footwear.[46][47] Its longest-running products are its parkas, which are meant to keep the wearer warm in freezing temperatures.[1][48] These coats have been worn by researchers in the United States Antarctic Program and in dogsledding events such as the Iditarod and the Yukon Quest[49][50] In November 2018, the company acquired the bootmaker Baffin. In November 2021, Canada Goose launched its first-ever footwear collection.[51][52]

The brand's logo on a piece of apparel

The brand is known for its distinctive logo, which resembles an arctic map of the North Pole encircled by red text that reads "CANADA GOOSE" on top and "ARCTIC PROGRAM" along the bottom. This badge is usually placed on the upper arm of a coat or jacket.[53] The company does not outsource its manufacturing or license its brand to other manufacturers, and brands its products as "Made in Canada".[54][55] Its manufacturing facilities are based in Canada.[23]

Counterfeiting

[edit]

To combat counterfeiting, Canada Goose has set up a web page that verifies whether Canada Goose goods sold by a particular vendor are authentic or not.[56] Fake Canada Goose Jackets are one of the many counterfeit items being handled by Project Chargeback, a collaboration between the Canadian Anti-Fraud Centre, credit-card companies, and banks, to scrutinize online merchant accounts.[57] In 2011, as an anti-counterfeiting measure, Canada Goose began sewing hologram trademarks into its jackets as proof of authenticity.[58]

In October 2012, Canada Goose won a legal battle against counterfeiters in Sweden. The District Court of Stockholm found five individuals guilty of felony fraud, trademark infringement, and customs offences. The Court sentenced two of the defendants to serve time in prison and awarded Canada Goose damages of 701,000 SEK (approximately CAD$105,000).[59][60]

Sustainability

[edit]

In 2023, the company launched Generations, a platform intended to keep its products in circulation by allowing consumers to trade in and purchase previously owned Canada Goose apparel.[61][62]

Environmental and social impact

[edit]

In 2019, Canada Goose instituted a program called Project Atigi, through which it has partnered with Inuit seamstresses across Canada to produce jackets and parkas.[63][64] Proceeds from the sale of this outerwear goes to the Canadian nonprofit organization Inuit Tapiriit Kanatami.[63][64]

As the COVID-19 pandemic was developing in March 2020, Canada Goose produced 2.5 million PPE units, which were delivered at cost to provincial and federal governments.[65][66] In June 2020, the company announced it was donating another 20,000 uniforms to personnel at eight Mount Sinai hospitals in New York.[67]

Treatment of animals

[edit]

Canada Goose has been criticized by animal rights groups and anti-fur advocates for the use of goose down and coyote fur in the construction of its jackets.[68][69] In 2015, a group called Animal Justice Canada filed a complaint with the Competition Bureau of Canada claiming that the trapping methods used by Canada Goose's coyote fur suppliers were inhumane.[68] In March 2017, PETA bought 230 shares of the company so it could propose a shareholder resolution at Canada Goose's next annual meeting to "ask them to abandon the cruel use of fur and feathers." [70]

In April 2020, the company announced that by 2022, all of the fur in its jackets would be sourced from reclaimed coyote fur already existing within supply chains.[71] In June 2021, Canada Goose amended that plan, announcing it would stop using fur entirely by 2022.[72] PETA subsequently suspended its international campaign against Canada Goose, while still urging the manufacturer not to use goose down in its jackets.[73] In November 2021, the company's goods achieved the Responsible Down Standard, a certification that ensures feathers in Canada Goose jackets are sourced, according to certifying body the Environmental and Ethical Certification Institute, from "farms that respect animal welfare".[74][75]

[edit]

Canada Goose has used product placement to promote its products.[76][77] The jackets have been worn in several films, starting with The Day After Tomorrow.[49] American model Kate Upton appeared on the cover of the 2013 Sports Illustrated Swimsuit edition in a bikini bottom and a Canada Goose parka.[78] The Sports Illustrated cover was later parodied in an ad for Moose Knuckles, another Canadian appareller and competitor to Canada Goose.[79][80]

In 2016, rapper Lil Uzi Vert released a mixtape featuring a song titled "Canadian Goose".[81]

Professional athletes have also promoted Canada Goose. During Boston Red Sox designated hitter David Ortiz's final trip to Toronto during the 2016 Major League Baseball season, Toronto Blue Jays players José Bautista and Edwin Encarnación each gave Ortiz a custom-made Canada Goose jacket, valued at US$1000.[82][83]

In 2020, amidst the COVID-19 pandemic, actor Ryan Reynolds and Canada Goose donated parkas for 300 students in Arctic Bay, Nunavut.[84]

References

[edit]
  1. ^ a b c d e Debter, Lauren (May 31, 2019). "The Golden Goose: How Dani Reiss Became A Billionaire Turning Canada Goose Into A Luxury Brand Powerhouse". Forbes. Retrieved March 28, 2022.
  2. ^ Grant, Jean (August 8, 2023). "Workspace of the Week: Inside Canada Goose's Museum-Like Waterfront Office in Toronto". Canadian Business. Retrieved September 5, 2023.
  3. ^ "Canada Goose sees half of profits in long term from own stores, e-commerce | CBC News". Cbc.ca. 2017-11-09. Retrieved 2018-11-26.
  4. ^ Clark, Evan (31 March 2022). "Carrie Baker Promoted to President at Canada Goose". WWD.
  5. ^ a b "Canada Goose Holdings Inc. Annual Report (Form 20-F)". U.S. Securities and Exchange Commission. May 16, 2024.
  6. ^ a b c d e f Lorinc, John (17 October 2012). "The Golden Goose". Profit Guide. Archived from the original on 2013-11-09. Retrieved 19 November 2012.
  7. ^ a b Healy, Beth (March 16, 2017). "With $900 parkas, Bain's Canada Goose goes public". Boston Globe. Retrieved March 30, 2022.
  8. ^ a b c Gajo, Patricia (November 18, 2012). "Dani Reiss of Canada Goose". Nuvo. Retrieved March 30, 2022.
  9. ^ a b Sorge, Melissa (January 29, 2019). "Canada Goose: A Window to the Arctic". Vue NJ. Retrieved March 30, 2022.
  10. ^ a b c Syme, Rachel (February 16, 2017). "The Rise of Canada Goose's Hollywood-Friendly Coats". The New Yorker. Retrieved March 30, 2022.
  11. ^ Atkinson, Nathalie (October 22, 2010). "Style: Canada Goose makes its coats for foresters and fashionistas". The National Post. Retrieved March 30, 2022.
  12. ^ "ESQwire.com". Archived from the original on 2014-12-31. Retrieved 2018-11-18.
  13. ^ Shaw, Hollie (3 June 2010). "Canada Goose opens European headquarters in Sweden". Financial Post. Retrieved 19 November 2012.
  14. ^ Chippeway, Darrell (6 January 2011). "Canada Goose buys city firm". Winnipeg Free Press. Retrieved 19 November 2012.
  15. ^ Cash, Martin (10 April 2013). "Canada Goose moves into bigger plant in Winnipeg". Winnipeg Free Press. Retrieved 26 April 2013.
  16. ^ Haynes, Megan (2018-09-28). "Enter the Parka Wars » strategy". Strategyonline.ca. Retrieved 2018-11-25.
  17. ^ "Canada Goose sues competitor over alleged replicas". CBC News. 22 February 2012. Retrieved 20 November 2012.
  18. ^ Henderson, Peter (23 February 2012). "Canada Goose sues rival International Clothiers over winter parka 'rip off'". National Post. Retrieved 20 November 2012.
  19. ^ "Canada Goose settles jacket patent suit with retailer". CBC News. 7 November 2012. Retrieved 20 November 2012.
  20. ^ Gelles, David, "Canada Goose Sells Majority Stake to Bain Capital", The New York Times, December 10, 2013.
  21. ^ Deveau, Scott (2017-02-15). "Canada Goose Files for IPO in New York and Toronto". Bloomberg.com. Retrieved 2017-02-18.
  22. ^ Marlow, Iain; Silcoff, Sean; Krashinsky, Susan (December 10, 2013). "Canada Goose sells a majority stake – with a made-in-Canada guarantee". The Globe and Mail.
  23. ^ a b Gelles, David (December 10, 2013). "Canada Goose Sells Majority Stake to Bain Capital". New York Times. Retrieved March 30, 2022.
  24. ^ Stock, Kyle (December 9, 2014). "How Wall Street Puffed Up Sales of $800 Down Parkas". Bloomberg. Retrieved March 30, 2022.
  25. ^ Hunstig, Maria (December 5, 2014). "Canada Goose opens sales office in New York City". THe Spinoff. Retrieved March 30, 2022.
  26. ^ Green, Dennis (February 15, 2017). "How a 60-year-old Canadian sportswear manufacturer convinced regular people to wear $900 arctic parkas". Business Insider. Retrieved March 30, 2022.
  27. ^ "Canada Goose acquires 2nd manufacturing plant in Toronto". CBC News. January 13, 2015.
  28. ^ "Poised for expansion, Canada Goose opens 2nd Winnipeg factory". www.cbc.ca. Retrieved 2016-04-05.
  29. ^ Kopun, Francine (November 10, 2016). "Is Canada Goose ready to fly on the stock market?". Toronto Star. Retrieved March 30, 2022.
  30. ^ Ori, Ryan (April 13, 2016). "Parka Hyatt? Canada Goose plans store in Mag Mile hotel". Chicago Tribune. Retrieved March 30, 2022.
  31. ^ "Is Canada Goose ready to fly on the stock market?". Toronto Star, November 10, 2016, page B1.
  32. ^ Matthew Zeitlin, Here are 7 things we learned about Canada Goose from its IPO filing, CNBC, February 16, 2017
  33. ^ "Shares of coat maker Canada Goose take flight on stock markets". CBC News. The Canadian Press. March 16, 2017. Retrieved March 16, 2017.
  34. ^ Debter, Lauren (March 16, 2017). "Canada Goose Shares Fly Higher In $250 Million IPO". Forbes. Retrieved March 30, 2022.
  35. ^ Thomas, Lauren (March 16, 2017). "Canada Goose closes its first day trading up more than 25% IPO". CNBC. Retrieved March 30, 2022.
  36. ^ "450 jobs as Canada Goose opens new Boisbriand factory". CTV. June 29, 2017. Retrieved March 30, 2022.
  37. ^ Zumbach, Lauren (27 October 2017). "Parka brand Canada Goose opens 10,000-square-foot Michigan Avenue flagship store". chicagotribune.com. Retrieved 30 October 2017.
  38. ^ a b Cash, Martin (September 11, 2018). "Canada Goose opens new plant". Winnipeg Free Press. Retrieved March 30, 2022.
  39. ^ "Canada Goose opens Beijing store following delay". CBC. December 29, 2018. Retrieved March 30, 2022.
  40. ^ "Chinese line up for Canada Goose jackets despite anti-Canadian sentiment – National – Globalnews.ca". globalnews.ca. 31 December 2018. Retrieved 28 January 2019.
  41. ^ Wright, Beth (May 1, 2019). "Canada Goose officially opens new Montreal factory". Just Style. Retrieved March 30, 2022.
  42. ^ "Canada Goose to open new Montreal factory, hire 650 people". CTV. February 14, 2019. Retrieved March 30, 2022.
  43. ^ Goh, Yang-Yi (May 15, 2024). "Haider Ackermann, Timothée Chalamet's Fashion BFF, Is Canada Goose's First-Ever Creative Director". GQ. Retrieved May 29, 2024.
  44. ^ "Haider Ackermann, nommé premier directeur de la création Canada Goose". Vogue. 15 May 2024. Retrieved 4 June 2024.
  45. ^ "Quel célèbre créateur prend la direction artistique de Canada Goose ?". Numéro Magazine. Retrieved 4 June 2024.
  46. ^ Onita, Laura (November 17, 2021). "'I wanted to write short stories': Canada Goose chief spills on running the family business and finally ditching fur". Financial Post. Retrieved March 30, 2022.
  47. ^ Mulvey, Kelsey (November 29, 2021). "Canada Goose's Smash-Hit Outerwear Is On Cyber Monday Sale at Saks Right Now". Esquire. Retrieved March 30, 2022.
  48. ^ Ismael, Amir (April 7, 2022). "I visited a Canada Goose Cold Room where you can test its jackets in below-freezing temperatures, and now I understand why they cost so much". Insider. Retrieved April 7, 2022.
  49. ^ a b Robertson, Grant (25 February 2010). "Year of the Goose". The Globe and Mail. Retrieved 23 July 2011.
  50. ^ Broudy, Berne (November 12, 2021). "Canada Goose's First Footwear Has Insane Price, Temp Rating". Insider. Retrieved April 7, 2022.
  51. ^ Bhasin, Kim; Rastello, Sandrine (November 1, 2018). "Canada Goose Acquires Winter-Boot Maker Baffin to Enter Footwear". Bloomberg. Retrieved April 7, 2022.
  52. ^ Segran, Elizabeth (November 12, 2021). "Canada Goose's new boots are stylish (and warm) as hell". Fast Company. Retrieved April 7, 2022.
  53. ^ "The secret inside the 'world's warmest' parka – The Star". thestar.com. 18 February 2011. Retrieved 28 January 2019.
  54. ^ Forester, Pete (13 February 2018). "How Canada Goose Went From Outdoors Outfitter to Fashion Force". Esquire. Retrieved 28 January 2019.
  55. ^ Ligaya, Armina (10 December 2013). "Made-in-Canada still key for Canada Goose after sale to U.S. private-equity firm Bain, CEO says". Financial Post. Retrieved 28 January 2019.
  56. ^ "Counterfeit – Canada Goose®". www.canadagoose.com. Retrieved 28 January 2019.
  57. ^ Copaken, Deborah (24 January 2019). "I Spent $925 on a Fake Canada Goose Coat". The Atlantic. Retrieved 28 January 2019.
  58. ^ Allard, Jordan (9 August 2011). "Go for the real Goose, says store owner Herb Lash Sr". The Sault Star. Archived from the original on 24 December 2013. Retrieved 20 November 2012.
  59. ^ "Canada Goose wins $105K in Swedish counterfeit case". CBC News. 23 October 2012. Retrieved 20 November 2012.
  60. ^ Marotte, Bertrand (23 October 2012). "Trendy jacket maker Canada Goose claims win in knockoff battle". The Globe and Mail. Retrieved 20 November 2012.
  61. ^ Deschamps, Tara (July 27, 2023). "Canada Goose launches second-hand, trade-in program in Canada". The National Post. Retrieved August 1, 2023.
  62. ^ Simms, Demetrius (January 21, 2023). "Canada Goose Just Launched a Resale Platform to Give Your Old Parkas New Life". The Robb Report. Retrieved August 1, 2023.
  63. ^ a b Palmieri, Jean (February 1, 2019). "Canada Goose Commissions Inuit Seamstresses for Collection". Women's Wear Daily. Retrieved April 7, 2022.
  64. ^ a b Anderson, Samuel (January 21, 2020). "Indigenous Makers Re-Imagine Canada Goose". V Magazine. Retrieved April 7, 2022.
  65. ^ "Canada Goose, Gap to make scrubs, patient gowns in battle against coronavirus". Reuters. March 25, 2020. Retrieved April 7, 2022.
  66. ^ Dejardins, Lynn (December 17, 2020). "Canadian company to send PPE to northern Indigenous communities". Radio Canada International. Canadian Broadcasting Corporation. Retrieved August 1, 2023.
  67. ^ Milton, Hailee (June 25, 2020). "Canada Goose Collaborates with Kate Upton To Support Mount Sinai". V Magazine. Retrieved April 7, 2022.
  68. ^ a b "Are Canada Goose Jackets Inhumane? The Controversy Explained". Newsweek. 14 February 2018. Retrieved 9 April 2019.
  69. ^ Kornelsen, Shannon (31 March 2013). "Is Canada Goose Afraid of Facing an 11-Year-Old Girl?". Huffington Post Canada. Retrieved 7 January 2014.
  70. ^ Israel, Solomon (March 17, 2017). "Investing and protesting: Why PETA bought shares of Canada Goose". CBC News. Retrieved April 7, 2022.
  71. ^ Testa, Jessica (April 22, 2020). "Canada Goose Will Stop Buying Fur — Sort Of". New York Times. Retrieved April 7, 2022.
  72. ^ Fickenscher, Lisa (June 24, 2021). "Canada Goose to end the use of all fur on its pricey parkas". New York Post. Retrieved April 7, 2022.
  73. ^ Garcia, Tonya (June 26, 2021). "PETA suspends international campaigns against Canada Goose after fur-free commitment". MarketWatch. Retrieved April 7, 2022.
  74. ^ Glove, Simon (November 10, 2021). "Canada Goose earns Responsible Down Standard". EcoTextile News. Retrieved April 7, 2022.
  75. ^ "Responsible Down Standard". ICEA. April 7, 2022. Retrieved April 7, 2022.
  76. ^ Haynes, Megan (28 September 2018). "Enter the Parka Wars". strategyonline.ca. Retrieved 28 January 2019.
  77. ^ Syme, Rachel (16 February 2017). "The Rise of Canada Goose's Hollywood-Friendly Coats". The New Yorker. Retrieved 19 February 2017.
  78. ^ Trevor Melanson, "Kate Upton rocks Canada Goose for Sports Illustrated swimsuit edition". Canadian Business, Feb 14, 2013
  79. ^ "Moose Knuckles Canada". arnoldzwicky.org. 7 July 2013. Retrieved 28 January 2019.
  80. ^ Silver, Dena (2015-11-19). "This Edgy Canadian Outerwear Line Just Might Dethrone Canada Goose". Observer. Retrieved 2018-11-25.
  81. ^ "The 20 Best Lil Uzi Vert Songs"All My Chains"". Complex. Retrieved 28 January 2019.
  82. ^ Zwolinski, Mark (2016-09-09). "Blue Jays honour retiring Red Sox slugger David Ortiz". The Star. Retrieved 2018-11-25.
  83. ^ Hartwell, Darren (2016-09-09). "Blue Jays Present David Ortiz With Retirement Gift That's Classic Canada | Boston Red Sox". NESN.com. Retrieved 2018-11-25.
  84. ^ Taylor, Juanita (November 9, 2020) [November 7, 2020]. "How a tweet led Ryan Reynolds to donate parkas to this Nunavut community". CBC News.
[edit]