When Was Canada Goose Ipo

When was canada goose ipo

For the migratory bird species, see Canada goose.

Type

Public
Traded asTSX: GOOS
IndustryRetail
Founded1957
FounderSam Tick
Headquarters

Toronto, Ontario

,

Canada

Area served

Online, retail stores: Chicago, New York, Boston, Minneapolis, Toronto, Montreal, Calgary, Vancouver, Tokyo, London[1]

Key people

Dani Reiss, President & CEO
ProductsOuterwear
Knitwear

Production output

Toronto, Ontario, Canada
Winnipeg, Manitoba, Canada
RevenueC$591.2 million (FY 2018)

Operating income

C$138.1 million (FY 2018)

Net income

C$96.1 million (FY 2018)
OwnerBain Capital and others

Number of employees

1,000
Websitewww.canadagoose.com/

Canada Goose Holdings Inc. is a Canadianholding company of winter clothing manufacturers.

The company was founded in 1957 by Sam Tick, under the name Metro Sportswear Ltd.[2] Canada Goose markets a wide range of jackets, parkas, vests, hats, gloves, shells and other apparel through various avenues, both wholesale and direct to customer with their own retail stores.[3][4]

History[edit]

In 1957, Polish-Jewish immigrant Sam Tick founded Metro Sportswear Ltd.

in a small warehouse[5] after spending years working as a cutter in other factories.[6] Metro made woollen vests, raincoats, snowmobile suits, and other functional outerwear before creating down-filled jackets in the early 1970s.[7] In 1972, Tick's son-in-law, David Reiss, joined the company and eventually became CEO.

Metro mainly focused on manufacturing custom down-filled coats and heavy-duty parkas for the Canadian Rangers, city police departments, the Ontario Provincial Police, municipal workers, the Ministry of Environment, and the Ministry of Correctional Services.[2]

In the early 1980s, Metro Sportswear expanded to 50 employees. In 1985, David Reiss, Sam Tick's son-in-law, acquired a majority equity stake in the company.[8] In 1985, the company began to produce apparel under its own "Snow Goose" brand.[8] In the early 1990s, Metro began selling its products in Europe, where the Snow Goose name was already in use, so Metro sold its European products under the name Canada Goose.[2]

David Reiss' son Dani Reiss joined the company in 1997.

In 2001, when Dani succeeded his father as CEO, Canada Goose generated around $3 million in annual revenue, largely through licensing its designs to other companies in the industry.[8] Under Dani Reiss' leadership, the company discontinued its private label operations and continued to manufacture only in Canada rather than outsourcing to Asia where labour costs were much lower.[2] The business expanded in the mid-1990s and revenues increased from roughly $3 million in 1991 to roughly $17.5 million in 2008,[9] reflecting increased sales of Canada Goose products in Scandinavia since 1998, and in Canada around 2008.[citation needed]

Canada Goose began to expand internationally and in 2010 it opened an office in Stockholm, Sweden, for its European operations.[10] In 2011, Canada Goose acquired a new plant in Winnipeg, Manitoba, Canada.[11] As global growth continued, Canada Goose moved its Winnipeg operations into a larger facility in 2013.[12] The Canadian Marketing Association named Reiss as its marketer of the year in 2013.[13]

In December 2013, Boston-based private equity firm Bain Capital acquired a 70% equity stake in Canada Goose at a $250 million valuation.[14][15] The deal included a commitment to keep manufacturing in Canada.[13] Canada Goose also acquired a factory in the former city of York in Toronto formerly owned by ACCO Brands' Hilroy stationery.

When was canada goose ipo

In December 2014, Canada Goose opened a showroom and an office in New York City.[16] In January 2015, Canada Goose acquired a second manufacturing facility in Scarborough from a contractor.[17] In November 2015, Canada Goose opened a second factory in Winnipeg significantly increasing its manufacturing capacity.[18] That year the company revenue was reported to be about $200 million,[19] including warm-weather countries such as India and the Middle East.[13] In late 2016, Canada Goose opened a store in Toronto's Yorkdale Shopping Centre.

The company announced preparations in November 2016 for an initial public offering,[20] reporting that it generated $291 million in revenue and $27 million in profit in 2016 and had $278 million in debt.[21] On March 16, 2017, shares of the company began trading on the Toronto Stock Exchange and New York Stock Exchange with the ticker symbol GOOS.[22] In October 2017, Canada Goose opened its second United States flagship store in Chicago.[23] The 10,000-square-foot store is located on the famous Magnificent Mile shopping area.

Ipos of digital stocks

Despite their high cost, Canada Goose's fur-trimmed parkas have become "almost the uniform of the inner city among 16-to-24 year olds" in Canada, according to as one president of a market research firm.[24][25] In China, despite calls to boycott Canadian products over the arrest of Huawei CFO Meng Wanzhou in Canada, the brand's new flagship store in Beijing saw long lineups on opening day in December 2018.[26] Woodchurch High School in Birkenhead, England has banned jackets from Canada Goose, Pyrenex, and Moncler in order to "poverty-proofing the school environment", in response to disadvantaged students feeling pressure from their wealthier peers with such coats.[27][28]

In 2018, robbers on mopeds did a smash-and-grab on a Canada Goose store on Regent Street in London.[29] In January 2019, several people were robbed of their Canada Goose coats in Chicago.[30]

2018 Financial results[edit]

According to the The Motley Fool, Canada Goose is currently controlled by Bain Capital, and is very successful.[31]

The company’s sales have been surging higher over the last three years.

Revenue increased to $591 million in fiscal 2018 from $290.8 million in fiscal 2016 for a compound annual growth rate of 42.6%.

The company reported that total revenue increased by 46.4% to $591.2 million (2018) from $403.8 million (2017).

Gross profit increased to $347.6 million from $212.1 million. Operating income was $138.1 million, an operating margin of 23.4%, compared to $40.5 million, an operating margin of 10.0% in 2017.[4]

Developments in 2019[edit]

In January 2019, Canada Goose unveiled a new collection called Project Atigi.[32] This collection features the designs of traditional parkas from Inuit designers who came from nine communities in Nunavut, Northwest Territories, Quebec, and Newfoundland and Labrador.[32] All of the parkas designed are unique and made of Canada Goose materials.[33]

In April 2019, the company announced their plan to open a store in Milan, Italy, in Paris, France, in Minnesota in addition to three new ones in Canada (Toronto, Edmonton, Banff).

These would be added to the 11 retail outlets being operated by Canada Goose at that time.[3]

Logo and mission[edit]

The brand is best known for its distinctive red, white and blue circular logo, which is a "reverse image of the North Pole with the white representing the ocean while the islands are depicted by blue patches, encircled by lines of longitude and latitude to approximate the look and feel of a traditional Arctic Map.

The outer ring of the logo contains "CANADA GOOSE" on the top and "ARCTIC PROGRAM" on the bottom, while each side has five maple leaves each. The badge is usually placed on the upper arm of a coat or jacket.

Canada Goose CEO Dani Reiss says “The badge makes people feel like they belong to a club” and describes Canada Goose as the “Swiss watch of apparel” and the “Land Rover of outerwear”.[34][35] A monochrome all-black variant of the logo is found on the brand's Black Label Collection, originally to cater to New Yorkers who find the standard logo too ubiquitous.[36][37] The logo is nearly identical in design to that of the United States Antarctic Program.

In partnership with Polar Bears International (PBI), jackets under this collection feature the distinctive PBI royal blue colour developed by the Pantone Color Institute, and a PBI badge on the upper arm.[38][39]

Under Canada Goose CEO Dani Reiss, the brand has been extremely careful on what offerings to release, avoiding the tendency to place their logo on numerous products nor licensing their logo to outside manufacturers as such quick short-term profits would have diluted the brand in the long run.

At a time when many other garment companies have relocated manufacturing to Asia to take advantage of lower wages, Canada Goose has refused to outsource and instead setup sewing schools in Winnipeg, Montreal, and Toronto.

The company has stuck to “Made In Canada” even after selling a majority stake to Bain Capital, not only for maintaining production quality and local jobs, but also because “We are an ambassador for our country on a global stage.”[40][41] A competitor to Canada Goose, Moose Knuckles, was forced to restate "Made in Canada" representations with qualifying language to clarify that it is manufactured in Canada using "Canadian and imported components", after the competition bureau accused that company of manufacturing the parkas in Asia and then putting the finishing touches on them in Canada.[42][43]

In popular culture[edit]

Canada Goose has used Hollywood to promote its products.[44] The jackets have been worn in several films, starting with The Day After Tomorrow.[45] American model Kate Upton appeared on the cover of the 2013 Sports Illustrated Swimsuit edition in a bikini bottom and a Canada Goose parka.[46] Product placement with celebrities was part of the marketing strategy when it went international in 2010.[47]

In 2016, rapper Lil Uzi Vert released a mixtape featuring a song titled "Canadian Goose".[48]

Professional athletes have also promoted Canada Goose.

When was canada goose ipo

During Boston Red Sox designated hitter David Ortiz's final trip to Toronto during the 2016 Major League Baseball season, Toronto Blue Jays players José Bautista and Edwin Encarnación each gave Ortiz a custom-made Canada Goose jacket, valued at US$1000.[49][50]

Canada Goose jackets were also often worn on Top Gear (UK) by former hosts Jeremy Clarkson, James May, and Richard Hammond, during winter episodes, such as the "Top Gear: Polar Special".[citation needed]

Sponsorships and corporate responsibility[edit]

The company sponsors several film festivals including the Berlin International Film Festival, Sundance Film Festival in Utah, and Toronto International Film Festival.

Canada Goose products are also worn by researchers and workers in remote, cold-weather regions. Canada Goose (and Carhartt) supply parkas for participants in the United States Antarctic Program (USAP).[45]

Canada Goose is involved in several environmental and social initiatives, including The Conservation Alliance[51] and Polar Bears International (PBI).

As part of its support to PBI, Canada Goose created a custom line of PBI products, including an aviator hat, Expedition Parka and Chilliwack Bomber; $25 from all PBI sales are donated to the non-profit organization devoted to preserving the habitat of polar bears around the world through research and education.[52]

Canada Goose runs a Canada Goose Resource Centre program that offers fabric and materials to Northern Canadians free of charge: Pond Inlet, Iqaluit, Rankin Inlet, and Kuujjuaq.

Established in partnership with the North West Company and First Air in 2009, the Canada Goose Resource Centres provide local sewers with free fabrics, buttons, zippers, and other supplies to support the traditional practice in Northern Canada of making jackets and clothing for members of the community.[53]

Competitors[edit]

Canada Goose has several competitors in the high-end outerwear market, a segment which has grown considerably between 2011 and 2017.[54] Moose Knuckles, contrasting with Canada Goose's low key advertising which relies heavily on social media, has run controversial ads, including the FUQ (Fédération unilatérale du Québec) parodying the terrorist separatist group Front de libération du Québec (FLQ) which received complaints and resulting in the brand being dropped by a retailer,[55][56] and another one mimicking Kate Upton's Sports Illustrated cover where she wore a white Canada Goose Parka.[57][58]Mackage, Moncler (with €1bn in turnover and 80% of their business linked to Down products), Nobis (whose founder Robin Yates was previously a vice president at Canada Goose), Parajumpers, and Woolrich are also frequently mentioned rivals.[59][60][61]

In January 2012, Canada Goose launched a lawsuit against International Clothiers in the Federal Court of Canada for trademark infringement.

Canada Goose alleged International Clothiers of intentionally designing a logo and positioning it on jackets to mimic the Canada Goose Arctic Program trademark. The International Clothiers product lines in question were the foreign-manufactured Canada Weather Gear and Super Triple Goose.[62] Canada Goose claimed that unfair business practices were used including publishing print advertisements to promote the jackets as Canada Goose products.[63] A settlement was reached in November 2012.[64]

Counterfeiting[edit]

Compared to real Canada Goose coats which use duck down insulation and coyote fur trim, counterfeits use "feather mulch" and dog/cat fur trim which are less effective insulators.

Canada Goose vice-president of marketing Kevin Spreekmeester was quoted as saying "If you're counting on your jacket to keep you warm in extreme temperatures and you buy a counterfeit jacket that has no down in it, then you're susceptible to frostbite or worse".

Canada Goose spreads wings with IPO

Knockoffs are also usually made in Asia and retail for around $100–200 CAD, compared to the authentic coats which are produced in Canada and sell only at full price starting at $800 CAD and up. In addition, the counterfeit logo patch is often poorly sewn, in contrast to its genuine counterpart where the maple leaves are produced in fine detail.[65] Fakes are frequently sold through counterfeit websites.

As authorized retailers face long lineups and sell-outs without discounts, would-be customers are often lured by online merchants which are difficult to shut down such as on Amazon.com.[66][67]

To combat counterfeiting, Canada Goose frequently reminds buyers that their offerings are only sold via authorized retailers or the company's stores, and setting up a web page enlisting the public's help to identify questionable online sites which is in turn forwarded to the RCMP to shut them down.[68] Fake Canada Goose Jackets are also one of the many counterfeit items (along with other luxury goods, strollers, tools, generators) being handled by Project Chargeback, a collaboration between the Canadian Anti-Fraud Centre, credit-card companies, and banks, to scrutinize online merchant accounts.[67] In 2011, Canada Goose began sewing hologram trademarks into its jackets as proof of authenticity.[69]

In October 2012, Canada Goose won a legal battle against counterfeiters in Sweden.

The District Court of Stockholm found five individuals guilty of felony fraud, trademark infringement, and customs offences. The Court sentenced two of the defendants to serve time in prison and also awarded Canada Goose damages of 701,000 SEK (approximately CAD$105,000).[70][71]

Canada Goose, while spending a considerable amount of time and money to fight counterfeiters, has admitted that counterfeits have raised awareness for the brand, particularly in China.[72]

Treatment of coyotes and geese[edit]

The company's jackets are often filled with down which is purchased by a sub-contractor (Feather Industries Canada)[73] from Hutterite farmers in rural Canada.[13] Some Canada Goose jackets use coyotefur on the hoods,[7] which has caused protests from animal anti-cruelty activists due to the alleged use of leg-hold in addition to other types of traps.[74] In response, Canada Goose has offered parkas without any fur, such as the Chateau and the Approach.[75]

In 2010 People for the Ethical Treatment of Animals (PETA), an American animal rights group, criticized Canadian politician (and later Prime Minister) Justin Trudeau and his family for wearing Canada Goose products in a family Christmas photo because of the company's use of fur.[76]

In December 2012, Toronto Police were searching for a suspect who was likely an anti-fur activist after she "destroyed thousands of dollars worth of merchandise at several high-end stores by smearing fur garments [including those by Canada Goose] with petroleum jelly", rendering them unsalable.[77]

Canada Goose CEO Dani Reiss was criticised in 2014 by blogger Shannon Kornelsen for refusing to meet then-11-year-old Jasmine Polsinelli, an anti-fur activist who wanted Reiss to reconsider trapping coyotes for their fur.[78][79]

Following the public trading of shares in Canada Goose on the New York Stock Exchange in March 2017, PETA purchased 230 shares in the company so it could propose a shareholder resolution at Canada Goose's next annual meeting to "ask them to abandon the cruel use of fur and feathers."[80]

A February 2019 article in Newsweek addressed the issue of the use of coyote fur on the hoods of some Canada Goose jackets.

The author indicated that Canada Goose stated that it obtains the fur from sources that trap it ethically, in accordance with Canada's Agreement of International Humane Trapping Standards (AIHTS) or by similar regulations in the U.S., a policy called Best Management Practices (BMP).

After a long discussion of the various trapping practices, the author of the piece provided this conclusion:[81]

See also[edit]

References[edit]

  1. ^"Canada Goose sees half of profits in long term from own stores, e-commerce | CBC News".

    Cbc.ca. 2017-11-09.

    When was canada goose ipo

    Retrieved 2018-11-26.

  2. ^ abcdLorinc, John (17 October 2012).

    "The Golden Goose". Profit Guide. Archived from the original on 2013-11-09. Retrieved 19 November 2012.

  3. ^ ab"Canada Goose plans to open 6 new stores in Alberta, Ontario, U.S.

    and Europe". Global News. 9 April 2019. Retrieved 9 April 2019.

  4. ^ ab"Archived copy". Archived from the original on 2018-06-17. Retrieved 2019-04-09.CS1 maint: archived copy as title (link)
  5. ^Healy, Beth. "With $900 parkas, Bain's Canada Goose goes public". Retrieved 27 May 2017.
  6. ^Gajo, Patricia (Winter 2012).

    "Down to business". NUVO. Archived from the original on 2013-02-08. Retrieved 20 November 2012.

  7. ^ abLaRochelle, Jillian (7 November 2012). "When hell freezes over". MRketplace. Archived from the original on 2012-11-09.

    Retrieved 19 November 2012.

  8. ^ abcSyme, Rachel (2017-02-16). "The Rise of Canada Goose's Hollywood-Friendly Coats". The New Yorker.

    Retrieved 2017-02-18.

  9. ^"ESQwire.com". Archived from the original on 2014-12-31. Retrieved 2018-11-18.
  10. ^Shaw, Hollie (3 June 2010).

    "Canada Goose opens European headquarters in Sweden". Financial Post.

    The Globe and Mail

    Retrieved 19 November 2012.

  11. ^Chippeway, Darrell (6 January 2011). "Canada Goose buys city firm". Winnipeg Free Press. Retrieved 19 November 2012.
  12. ^Cash, Martin (10 April 2013). "Canada Goose moves into bigger plant in Winnipeg". Winnipeg Free Press.

    When was canada goose ipo

    Retrieved 26 April 2013.

  13. ^ abcdIain Marlow; Sean Silcoff; Susan Krashinsky (December 10, 2013).

    "Canada Goose sells a majority stake – with a made-in-Canada guarantee". The Globe and Mail.

  14. ^Gelles, David, "Canada Goose Sells Majority Stake to Bain Capital", The New York Times, December 10, 2013.
  15. ^Deveau, Scott (2017-02-15). "Canada Goose Files for IPO in New York and Toronto". Bloomberg.com.

    Retrieved 2017-02-18.

  16. ^Stock, Kyle (December 9, 2014). "How Wall Street Puffed Up Sales of $800 Down Parkas".

    Bloomberg Businessweek.

  17. ^"Canada Goose acquires 2nd manufacturing plant in Toronto".

    CBC News. January 13, 2015.

  18. ^"Poised for expansion, Canada Goose opens 2nd Winnipeg factory". www.cbc.ca. Retrieved 2016-04-05.
  19. ^Entis, Laura (December 29, 2014). "How Canada Goose Went From Small Outerwear Company to International Luxury Brand". Entrepreneur.
  20. ^"Is Canada Goose ready to fly on the stock market?".

    Toronto Star, November 10, 2016, page B1.

  21. ^Matthew Zeitlin, Here are 7 things we learned about Canada Goose from its IPO filing, CNBC, February 16, 2017
  22. ^"Shares of coat maker Canada Goose take flight on stock markets". CBC News. The Canadian Press. March 16, 2017. Retrieved March 16, 2017.
  23. ^Zumbach, Lauren. "Parka brand Canada Goose opens 10,000-square-foot Michigan Avenue flagship store". chicagotribune.com.

    Retrieved 30 October 2017.

  24. ^[1]
  25. ^"Is Canada Goose Afraid of Facing an 11-Year-Old Girl?". HuffPost Canada. 31 March 2013.

    Canada Goose Holdings Inc.

    Retrieved 28 January 2019.

  26. ^"Chinese line up for Canada Goose jackets despite anti-Canadian sentiment - National - Globalnews.ca".

    globalnews.ca. 31 December 2018. Retrieved 28 January 2019.

  27. ^Abedi, Maham (2018-11-16). "Canada Goose jackets banned by U.K. school for being too expensive". globalnews.ca. Retrieved 2019-09-01.
  28. ^John, Tara. "High school bans Canada Goose and Moncler jackets to protect poorer children". CNN.

    Retrieved 2019-09-01.

  29. ^"Canada Goose parkas are winter's 'it' coat — particularly for robbers in Chicago".

    When was canada goose ipo

    Washington Post. January 25, 2019. Retrieved 2019-09-01.

  30. ^"People robbed of Canada Goose coats at gunpoint in Chicago - CTV News".

    www.ctvnews.ca. Retrieved 28 January 2019.

  31. ^Lichtenstein, Robert (March 26, 2019). "Buy Canada Goose Holdings Inc (TSX:GOOS) to Bump Your Portfolio".

    fool.ca. Retrieved 2019-09-01.

  32. ^ abFeb 04, Jackie McKay · CBC News · Posted; February 4, 2019 5:00 AM CT | Last Updated. "Canada Goose unveils parkas designed by Inuit designers | CBC News".

    Studocu cryptocurrency & cryptofinance

    CBC. Retrieved 2019-03-19.

  33. ^Newman-Bremang, Kathleen. "14 Canada Goose Parkas That Will Help Inuit Communities Across The Country".

    Navigation menu

    www.refinery29.com. Retrieved 2019-03-19.

  34. ^[2]
  35. ^"The secret inside the 'world's warmest' parka - The Star". thestar.com. Retrieved 28 January 2019.
  36. ^"shop-mens-black-label". www.canadagoose.com. Retrieved 28 January 2019.
  37. ^Syme, Rachel (16 February 2017).

    "The Rise of Canada Goose's Hollywood-Friendly Coats". Retrieved 28 January 2019 – via www.newyorker.com.

  38. ^"PBI Blue - Canada Goose®". www.canadagoose.com. Retrieved 28 January 2019.
  39. ^"Canada Goose Expedition Parka Review".

    OutdoorGearLab.

    Top 10 cryptocurrency december 2020

    Retrieved 28 January 2019.

  40. ^Forester, Pete (13 February 2018). "How Canada Goose Went From Outdoors Outfitter to Fashion Force". Esquire.

    Canada Goose IPO: What Investors Need to Know

    Retrieved 28 January 2019.

  41. ^News; Marketing, Retail & (10 December 2013). "Made-in-Canada still key for Canada Goose after sale to U.S. private-equity firm Bain, CEO says - Financial Post". financialpost.com. Retrieved 28 January 2019.
  42. ^Knuckles, Moose. "Moose Knuckles resolves its differences with the Competition Bureau of Canada". www.newswire.ca. Retrieved 28 January 2019.
  43. ^Apr 27, Pete Evans · CBC News · Posted; April 27, 2016 12:30 PM ET; 2016.

    Canada Goose explodes 40% in opening minutes of trading

    "Moose Knuckles winter parka maker accused of faking 'Made in Canada' claims - CBC News". CBC. Retrieved 28 January 2019.

  44. ^September 28, Megan Haynes; 2018 (28 September 2018).

    "Enter the Parka Wars". strategyonline.ca. Retrieved 28 January 2019.

  45. ^ abRobertson, Grant (25 February 2010).

    "Year of the Goose". The Globe and Mail. Retrieved 23 July 2011.

  46. ^Trevor Melanson, "Kate Upton rocks Canada Goose for Sports Illustrated swimsuit edition".

    Canadian Business, Feb 14, 2013

  47. ^Syme, Rachel (16 February 2017). "The Rise of Canada Goose's Hollywood-Friendly Coats". The New Yorker. Retrieved 19 February 2017.
  48. ^"The 20 Best Lil Uzi Vert Songs"All My Chains"". Complex. Retrieved 28 January 2019.
  49. ^Mark Zwolinski (2016-09-09). "Blue Jays honour retiring Red Sox slugger David Ortiz".

    The Star. Retrieved 2018-11-25.

  50. ^Hartwell, Darren (2016-09-09). "Blue Jays Present David Ortiz With Retirement Gift That's Classic Canada | Boston Red Sox".

    NESN.com.

    thanks for visiting cnnmoney.

    Retrieved 2018-11-25.

  51. ^"Member List". The Conservation Alliance. Archived from the original on 2011-09-26. Retrieved 17 September 2011.
  52. ^"Canada Goose Clothes Are Good For Chilly Days In Winter 2011". Pub Articles. Retrieved 23 July 2011.
  53. ^"Canada Goose Announces New Resource Center". Inside Outdoor. 8 March 2010.

    Retrieved 17 September 2011.

Canada Goose IPO