Just 2 years after opening its first retail store, Toronto-based (and family-owned) goose down arctic wear company Canada Goose has its sights set on making China their 8th and 9th storefronts and an e-commerce partnership with Alibaba’s online Tmall.
9 stores? What are we just reporting on anything now?
Before you get your feathers in a ruffle, consider: We’re talking about jackets that retail at $1k — and a company with a multi-billion-dollar market cap.
What the flock is Canada Goose?
Founded in a Toronto warehouse in 1957 by Sam Tick, the brand has been under the leadership of Tick’s son-in-law David Reiss since 2001.
In that time, the Goose has increased their annual revenue from less than $3.5m to $283m. Last year, it hit the Toronto Stock Exchange and New York Stock Exchange and today it has a market cap of $3.4B.
Yeah.
They were low key one of the best retail IPOs of 2017
In a year with a relatively short list of IPOs, the dark horse retailer stole the show, with stock up about 150% from its 2017 IPO price to its closing price at the end of the year.
2018 has been a hot year for the winter-coat company as well. Through the first 6 months of fiscal 2018, Canada Goose expanded its top line by 40% over the prior-year period.
Rugged-gone-bougie
Canada Goose’s understated success comes at a time when blue-collar wear has become the cool duds on campus. Especially with, dare we say it, hipsters.
These days, a pair of Red Wing Boots seem more authentic on an indie rock guitarist than a roofer. It all arguably started with a little marketing twist from the canvas-forward Nike of workmen (and hipster fave for beanies and coveralls): Dearborn, Michigan-based Carhartt.
According to Canada Goose, Chinese consumers are starting to show interest in legacy cold-weather brands. In other words, ‘outdoor’ is ‘in style.’