Booming Canada Goose to open new stores in London, the USA, Canada and Tokyo
When Canada Goose, the Canadian specialist in high-end down jackets and parkas, was listed on the stock exchange last year, it also heralded its intention of building a monobrand retail network. In just a few months, Canada Goose has turned the plan into reality, by launching in Toronto and New York and announcing further openings in London and Chicago for the autumn.
On top of this, the label has announced another couple of new stores in North America for the end of 2017: one in Calgary, Canada, inside the Cadillac Fairview Chinook Centre, and another inside Boston's Prudential Center. But the marquee event will be the inauguration of Canada Goose's first Japanese store. In a press release, the label wrote that "the new, 300 m2 flagship store will be run by the company's distribution partners, and will be located in the Sendagaya district, recognised as one of the hubs of high-end fashion in Japan."
Undeniably, Canada Goose's revenue growth is being driven by its direct-to-consumer expansion. In the first quarter, closed at the end of June, the label posted strong sales growth, notably thanks to its monobrand stores and to e-tail. Sales grew from CAD12.5 million to CAD28.2 million (€18.8 million), while gross margin skyrocketed, rising from 29.7% to 46.9%. Despite this, operating income remained in the red, with losses for nearly CAD15 million in the quarter, the same as in the previous fiscal year.
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