Canada Goose Holdings Inc. has set ambitious goals for its growth, with a target of reaching $3 billion in annual revenue by 2028. To achieve this, the luxury outerwear brand plans to expand its product offerings and increase its retail presence.

In order to remain relevant throughout the year, Canada Goose aims to enter new categories such as rainwear, apparel, footwear, eyewear, luggage, and home products. This expansion will allow the brand to cater to a wider range of customer needs and preferences.

Canada Goose also plans to expand its retail footprint in order to tap into new markets worldwide. Currently, the company has 51 permanent stores, but it aims to more than double this number in the coming years. This increased retail presence will not only help drive sales, but also enhance direct-to-consumer penetration.

A key focus for Canada Goose is retaining loyal customers while attracting new ones. The brand will particularly target women and Generation Z consumers. With its performance luxury lifestyle products, Canada Goose aims to strengthen its position as a global leader in warmth and protection.

Chairman and CEO Dani Reiss expressed confidence in the brand’s growth trajectory, highlighting the iconic nature of its products and the enduring style they offer. Reiss also emphasized the importance of strategic investments and maintaining high quality standards to ensure profitable growth.

To reach its $3 billion revenue target, Canada Goose expects to achieve a compound annual growth rate of around 20%. This would nearly triple the company’s current sales. Reiss outlined the company’s financial plan, which includes reaching an adjusted EBIT margin of 30% through the execution of three strategic growth pillars.

For the 2023 fiscal year, Canada Goose forecasts its annual revenue to be between $1.18 billion and $1.20 billion. These ambitious growth plans reflect the company’s confidence in its future success and its commitment to delivering exceptional products to customers.

Canada Goose’s iconic designs, commitment to performance, and quality position the brand to achieve new heights in the luxury outerwear market.

Useful links:
– For more information on Canada Goose’s products and expansion plans, visit their official website here.
– To stay updated on the latest news and developments in the luxury outerwear market, check out this industry resource Business of Fashion.