(Toronto) Canada Goose Holdings intends to broaden its consumer base by focusing on women and Gen Z, and expanding into new product categories like eyewear, luggage and home , under a five-year growth plan.
In a financial outlook and strategic plan released Tuesday, the company said it also plans to more than double its retail footprint from 51 permanent stores at the end of its most recent quarter, expand into new markets. and increase its online presence.
The luxury parka maker said it is aiming for annual revenue of $3 billion by 2028 as part of its growth plan, representing a compound annual growth rate of around 20%.
The company added that it expects its annual revenue for fiscal 2023 to be between $1.18 billion and $1.20 billion.
Canada Goose chief executive Dani Reiss said the company plans to expand its product categories, geographies and capabilities “with a keen eye on investing where we see high returns.”
He said the company wanted to protect the Canada Goose brand while delivering high-quality, profitable growth.
Company in this dispatch: (TSX: GOOS)