Luxury parka maker Canada Goose to expand into eyewear, luggage and home categories
Luxury outerwear maker Canada Goose Holdings Inc. has charted a new five-year growth path it says could nearly triple its annual revenue by 2028.
The Canadian parka brand laid out an ambitious financial outlook and strategic plan on Tuesday that includes attracting more customers, adding new products and expanding into new markets.
"We know how to execute. Our track record shows that," Canada Goose CEO Dani Reiss said during the company's first investor day since going public in 2017.
"Today the wind is at our back. Our vision is clear and we know who we are," he said. "That is how you build an enduring brand. You live by your north star."
Canada Goose has launched new products in recent years including rainwear, apparel and footwear, and aims to continue expanding into new categories like eyewear, luggage and home, the company said.
"We will create new and expand existing categories rapidly," Reiss said. "Our vision has our consumers shopping with us for all their wardrobe and accessory needs."
The company said it plans to work on retaining longstanding customers while focusing on attracting new customers, especially women and generation Z.
"Today, women represent approximately 48 per cent of our sales, which means we have a lot of room to grow to reach a luxury average of more than 60 per cent," Reiss said.
"We've also set our sights on increasing the number of younger consumers that shop with us," he said. "Gen Z represents a significant segment of the global luxury market today."
The company said it expects to more than double its retail footprint from the 51 permanent stores at the end of its last quarter, expand into new markets and grow its online presence.
It's also increasingly turning to social media to attract new customers and re-engage past customers.
"In the last 12 months we have seen a complete transformation of our social media presence," said Penny Brook, chief marketing and experience officer at Canada Goose.
"Influencers and content creators are perceived as the most relatable source of authority by their followers and they help us reach new audiences, grow awareness and drive consideration."
Canada Goose said it expects to reach $3 billion in annual revenue by 2028 as part of the growth plan, which represents a compound annual growth rate of approximately 20 per cent.
The company said it expects its annual revenue for the 2023 fiscal year to be between $1.18 billion and $1.20 billion.
This report by The Canadian Press was first published Feb. 7, 2023.
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