Canada Goose eyes $3 billion in annual revenue by 2028
Luxury outerwear maker Canada Goose Holdings Inc. announced on Tuesday a new five-year growth plan including plans to reach $3 billion in annual revenue by 2028.
As part of its strategic plan, Canada Goose aims to remain relevant year-round by continuing to expand in new categories such as rainwear, apparel and footwear, as well as with the addition of further categories including eyewear, luggage and home.
Likewise, the Toronto-based company shared plans to more than double its retail footprint from the 51 permanent stores it had at the end of its last quarter. In particular, it is eyeing new markets around the world with plans to increase its direct-to-consumer penetration within existing markets.
The company also said it plans to work on retaining long-standing customers while focusing on attracting new customers, with a focus on women and Generation Z.
“Today, Canada Goose is recognized around the world as a performance luxury lifestyle brand, known as a global leader in warmth and protection. Our products are iconic, our style is enduring and our brand has never been stronger. Looking ahead, we see incredible opportunity to continue the revenue growth trajectory we have experienced since the time of our IPO and deliver increasing rates of profitability.” said Dani Reiss, chairman and CEO.
“As we grow, we will expand our categories, geographies and capabilities with a keen eye towards investing where we see a high return, protecting our brand and delivering high quality, profitable growth.”
Canada Goose said it expects to reach $3 billion in annual revenue by 2028 as part of the growth plan, representing a compound annual growth rate of approximately 20 per cent. The new target will be nearly triple Canada Goose's current sales.
Reiss added, “As I look at the next five years, I am confident in our long-term financial plan, introduced today, to reach $3 billion in revenue, and an adjusted EBIT margin of 30% through the execution of our three strategic growth pillars.”
Canada goose currently expects its annual revenue for the 2023 fiscal year to be between $1.18 billion and $1.20 billion.
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