The high-end Canadian apparel company Canada Goose has plans to expand into the eyewear industry.
The nearly 60-year-old company has made a name for itself with its durable cold-temperature parkas. Canada Goose gear has become a staple of the film industry – both off and on camera. Adventures have worn Canada Goose parkas to the top of Mount Everest and across the desolate expanse of Antarctica.
However, what started as a working-class brand has evolved into a luxury brand. Its parkas cost anywhere from $500 to $1,500. Now the company is looking to expand.
Canada Goose this week announced plans for a massive and aggressive expansion of its retail footprint and product lineup. The goal is to boost sales from just more than $1 billion this year (projected) to $3 billion in the next five years.
Canada Goose chief executive Dani Reiss painted a positive picture when explaining the bold approach. This despite the company’s recently released third-quarter earnings report that came in lower than projected.
“We will focus on investing where we see high return, protecting our brand and delivering high quality, profitable growth, just as we have since our IPO (in 2017),” Reiss said in an article on Yahoo Finance.
The Toronto-based company wants to double its number of stores. It currently has 51 retail outlets. Canada Goose already has tested rainwear, footwear and new apparel lines. Next up is launching eyewear, luggage and home lines.
The planned expansion mirrors the strong luxury retail market. Economic projections suggest it will only get stronger in the years to come. In particular, the global luxury eyewear market is projected to grow by nearly $4 billion by 2026.