After turning her grandfather’s company, Canada Goose, into a global luxury brand, Dani Reiss is fighting the headwinds with a more sustainable jacket.
Article by Diane Brady for Forbes USA – translated by Lisa Deleforterie
Decline in popularity
The Canada Goose brand is easily recognizable: parkas lined with coyote fur and a signature crest. But the iconic look of Canada Goose products has morphed and branched out into shoes, bags, tracksuits, sneakers and more since the Toronto-based company got rid of fur last year. Warmer winters and tougher economic conditions, especially in China, have dampened enthusiasm for the €1,000-plus coats that were originally designed to keep workers comfortable in extreme conditions.
While the brand is a staple for celebrities and wealthy consumers in the Nordics, it’s not quite the phenomenon it once was. Revenue slowed to C$281.1 million (€192.3 million) in the quarter ending Q1.ahem October, up 1% from the previous year – or down 3% at constant exchange rates. Its shares, which traded at $51 (34.9 euros) more than a year ago, closed at $11.96 (8.19 euros) on December 18.
Dani Reiss, president and CEO of Canada Goose, is optimistic. As the third-generation leader of the company, whose grandfather started making woolen jackets and snowmobile suits in 1957, he can afford to take the long view. In addition to committing to double the company’s global retail presence over the next five years, it is investing in improving the in-store experience and customer service process in 11 steps it calls: “Canadian warmth.”
For a company that has been distributing its products wholesale for decades, the introduction of direct-to-consumer distribution channels is a new model. “We have to learn how to do retail in an authentic way,” says Reiss.
“It’s very exciting for me to build such a heritage brand in Canada,” he says. “We are doing something that has never been done before. »
Also Read: Start-up Armada Facilitates Access to AI in Remote Locations with SpaceX’s Starlink Satellites