A Canada Goose Clothing Company logo is shown on a storefront in Ottawa on Saturday Sept. 10, 2022. THE CANADIAN PRESS/Sean Kilpatrick
TORONTO – Canada Goose Holdings Inc. says it plans to build its customer base with a focus on women and generation Z and expand into new product categories like eyewear, luggage and home as it charts a new five-year growth path.
In a financial outlook and strategic plan released Tuesday, the company says it also 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.
The luxury parka maker says it aims 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 says it expects its annual revenue for the 2023 fiscal year to be between $1.18 billion and $1.20 billion.
Dani Reiss, CEO of Canada Goose, says the company plans to expand its categories, geographies and capabilities “with a keen eye towards investing where we see a high return.”
He says the company aims to protect the Canada Goose brand while delivering high quality, profitable growth.
This report by The Canadian Press was first published Feb. 7, 2023.
Companies in this story: (TSX:GOOS)
