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Company > Canada Goose Holdings Inc: Business Model, SWOT Analysis, and Competitors 2024

Canada Goose Holdings Inc: Business Model, SWOT Analysis, and Competitors 2024

Published: Jan 10, 2024

Inside This Article

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    In this comprehensive blog article, we delve into the intricacies of Canada Goose Holdings Inc, a prominent player in the luxury outerwear market. Beginning with an in-depth look at its business model, which combines exceptional craftsmanship with direct-to-consumer and wholesale distribution channels, we then explore a detailed SWOT analysis to uncover the strengths, weaknesses, opportunities, and threats facing the company in 2024. Additionally, we provide a comparative analysis of Canada Goose's main competitors, highlighting how the company positions itself in the increasingly competitive luxury apparel industry. This article aims to offer valuable insights for investors, industry analysts, and fashion enthusiasts alike, seeking to understand Canada Goose's strategic direction and market dynamics.

    What You Will Learn

    • Ownership and Vision: Discover who owns Canada Goose Holdings Inc and delve into the company's mission statement, understanding the core values and objectives that drive its global success.
    • Revenue Streams and Strategy: Learn about Canada Goose Holdings Inc's innovative business model, how the company generates its revenue, and an in-depth explanation of its Business Model Canvas.
    • Market Position and Analysis: Gain insights into Canada Goose Holdings Inc's competitive landscape, identifying its main competitors, and explore a detailed SWOT analysis to understand the company's strengths, weaknesses, opportunities, and threats in the luxury outerwear market.

    Who owns Canada Goose Holdings Inc?

    Who Owns Canada Goose Holdings Inc?

    Canada Goose Holdings Inc., renowned for its high-end outerwear, has captivated global consumers with its premium parkas and accessories designed to withstand extreme weather conditions. But beyond the iconic brand's luxurious appeal and functional prowess lies a complex structure of ownership that reflects its journey from a small Canadian outerwear manufacturer to a global powerhouse in the luxury goods market.

    At the core of Canada Goose's ownership are institutional investors and private equity firms, alongside public shareholders who have a stake in the company through its listing on the New York Stock Exchange (NYSE) under the ticker symbol "GOOS". The landscape of the company's ownership is a testament to its robust growth strategy and the confidence investors have in its long-term value proposition.

    Institutional Investors and Private Equity

    A significant portion of Canada Goose Holdings Inc. is owned by institutional investors, which include mutual funds, pension funds, and other large entities that manage substantial investment portfolios. These investors are attracted by the brand's strong market position, consistent growth, and the potential for long-term returns.

    Private equity also plays a pivotal role in the ownership and growth story of Canada Goose. Bain Capital, a global private investment firm, acquired a majority stake in Canada Goose in 2013. This partnership was instrumental in accelerating the brand's international expansion and enhancing its operational capabilities. Although Bain Capital has since reduced its ownership stake through subsequent public offerings, it remains a key player in the company's strategic direction.

    Public Shareholders

    The public offering of Canada Goose Holdings Inc. in March 2017 marked a significant milestone in the company's history, opening up ownership to a broader audience of individual and institutional investors. The IPO was a testament to the brand's global appeal and financial strength, offering investors the opportunity to participate in its continued growth.

    Through the stock market, a diverse group of public shareholders now owns a portion of Canada Goose, ranging from retail investors who admire the brand's products to large institutional investors looking for a piece of the luxury market. This democratization of ownership has not only provided the company with capital to fuel further expansion but has also increased its accountability and transparency to a wider investor base.

    The Future of Ownership

    As Canada Goose continues to expand its global footprint and diversify its product offerings, the ownership landscape may evolve further. The company's ability to innovate, enter new markets, and strengthen its e-commerce platform will be key factors that attract and retain investors. Regardless of how the specifics of ownership change, the essence of Canada Goose as a brand committed to craftsmanship, innovation, and luxury is likely to remain a constant attraction for those looking to invest in a symbol of enduring quality and style.

    In conclusion, Canada Goose Holdings Inc. stands as a beacon in the luxury outerwear segment, with a complex and dynamic ownership structure that reflects its storied past and promising future. Whether through the strategic investments of private equity, the broad base of institutional investors, or the individual public shareholders, the company is poised for continued growth and success on the global stage.

    What is the mission statement of Canada Goose Holdings Inc?

    Canada Goose Holdings Inc., renowned for its high-quality outdoor luxury apparel, operates with a clear and compelling mission statement that drives its business operations, product development, and customer engagement strategies. This mission statement is not just a set of words but a reflection of the company's core values and its commitment to excellence, sustainability, and innovation.

    The Mission Statement of Canada Goose Holdings Inc.

    The mission of Canada Goose is to "inspire and enable all people to thrive in the world outside." This statement encapsulates the company's aspiration to not just be a leader in the manufacture of outdoor luxury apparel but also to empower individuals to explore and enjoy the natural world. Canada Goose takes pride in crafting products that offer unparalleled protection in the harshest environments, enabling adventurers and city dwellers alike to embrace the outdoors no matter the weather.

    Breaking Down the Mission Statement

    Inspire and Enable

    At its core, Canada Goose is about more than just clothes; it's about a lifestyle that encourages outdoor exploration and appreciation. The company aims to inspire people with the beauty and necessity of the natural world and enable them through high-quality, functional, and sustainably made apparel. This dual focus on inspiration and enablement underscores Canada Goose's commitment to not just meet but exceed the expectations of its customers.

    All People

    Canada Goose emphasizes inclusivity, aiming to serve a diverse global audience. The reference to "all people" in the mission statement reflects the brand's commitment to offering products that cater to a wide range of consumers, regardless of their background, location, or outdoor experience. This inclusive approach is evident in the company's wide array of styles, sizes, and product lines designed to meet various needs and preferences.

    Thrive in the World Outside

    The ultimate goal of Canada Goose is to empower individuals to thrive, not just survive, in the outdoors. This aspect of the mission statement highlights the brand's focus on creating products that do more than protect from the elements; they enhance the outdoor experience. Thriving implies a level of comfort, safety, and enjoyment that Canada Goose aims to provide through its meticulously designed and crafted apparel.

    The Impact of the Mission Statement

    Canada Goose's mission statement is a powerful driver of its business strategy and corporate culture. It influences the company's approach to sustainability, innovation, and community engagement. By committing to help people thrive outdoors, Canada Goose is also dedicated to protecting the environment and supporting conservation efforts, ensuring that the beauty and diversity of the natural world can be enjoyed by future generations.

    In conclusion, the mission statement of Canada Goose Holdings Inc. is a vivid reflection of the brand's ethos, guiding its efforts to not only lead in the luxury outdoor apparel market but also to make a positive impact on society and the environment. Through its commitment to quality, sustainability, and inclusivity, Canada Goose continues to inspire and enable people worldwide to embrace and thrive in the outdoor lifestyle.

    How does Canada Goose Holdings Inc make money?

    How does Canada Goose Holdings Inc make money?

    Canada Goose Holdings Inc, widely recognized for its high-end outerwear, has crafted a distinct niche within the luxury apparel market, appealing to a demographic that prioritizes quality, performance, and style. The company's revenue streams are multifaceted, blending traditional and innovative approaches to retail and distribution. Here's how Canada Goose sustains its financial growth and profitability:

    Direct-to-Consumer (DTC) Sales

    A significant portion of Canada Goose's revenue comes from its direct-to-consumer channel, which includes both online sales and sales from its branded retail stores across the globe. This DTC strategy allows the company to maintain high-profit margins by eliminating the middleman. The immersive brand experience offered in-store and the convenience of online shopping contribute to the success of the DTC model.

    Wholesale Distribution

    Despite the strong focus on DTC sales, wholesale distribution remains a crucial revenue stream for Canada Goose. The company partners with select high-end department stores and outdoor specialty stores around the world. These partnerships help increase brand visibility and accessibility without diluting the brand's luxury status. Wholesale distribution also enables Canada Goose to tap into established customer bases and geographic markets where it has less direct presence.

    International Expansion

    Canada Goose has been aggressively expanding its footprint in international markets, particularly in Asia and Europe. These regions have shown a strong appetite for luxury goods, and the brand has capitalized on this by opening flagship stores and enhancing distribution networks. International sales not only diversify the company's revenue streams but also reduce dependence on the North American market, mitigating regional economic risks.

    Collaborations and Limited Editions

    Collaborations with designers, celebrities, and other brands play a significant role in Canada Goose's strategy to remain relevant and desirable. Limited edition collections and exclusive designs generate buzz and encourage quick sell-outs, often at higher price points. These collaborations help the brand to reach new audiences and keep existing customers engaged.

    Product Diversification

    While Canada Goose is best known for its parkas and cold-weather gear, the company has been gradually diversifying its product lineup to include lighter outerwear, knitwear, and accessories. This product expansion allows Canada Goose to capture sales outside of the winter season and cater to a broader range of consumer needs, contributing to a more stable year-round revenue.

    In conclusion, Canada Goose Holdings Inc's revenue is driven by a well-balanced mix of direct-to-consumer sales, wholesale distribution, international expansion, strategic collaborations, and product diversification. This multifaceted approach not only secures the company's financial health but also reinforces its position as a leader in the luxury outerwear market.

    Canada Goose Holdings Inc Business Model Canvas Explained

    Introduction to Canada Goose Holdings Inc

    Canada Goose Holdings Inc, a name synonymous with high-end outerwear, has developed a notable presence in the luxury fashion industry. Known for its premium quality, durability, and style, Canada Goose has carved out a significant niche for itself. This segment aims to dissect the business model canvas of Canada Goose, providing insights into how the company operates and thrives in the competitive market.

    Key Partners

    Canada Goose's success is partly due to its strategic partnerships. These include collaborations with textile suppliers committed to quality and sustainability, luxury brand ambassadors, and high-end retailers that extend the brand's reach globally. Additionally, partnerships with environmental organizations underline the company's commitment to social responsibility.

    Key Activities

    The key activities of Canada Goose revolve around design, manufacturing, marketing, and distribution of its products. The company places a strong emphasis on the quality of its goods, ensuring that all stages of production meet stringent standards. Furthermore, innovative marketing strategies and maintaining a strong digital presence are vital activities that drive the brand's visibility and appeal.

    Value Propositions

    Canada Goose's value proposition lies in its commitment to quality, durability, and performance in extreme weather conditions, paired with luxury and style. The brand promises not only a product that withstands the elements but also an emblem of status and fashion. This unique combination attracts a wide range of customers, from outdoor enthusiasts to fashion-forward individuals.

    Customer Relationships

    Building and maintaining strong customer relationships is a cornerstone of Canada Goose's business model. The company invests in high-quality customer service, both online and in-store, ensuring a premium shopping experience. Additionally, the brand leverages social media and other digital platforms to engage with customers, gather feedback, and foster a loyal community.

    Channels

    Canada Goose utilizes a multi-channel distribution strategy that includes branded flagship stores, online platforms, and select high-end retailers. This approach allows the brand to maintain control over its image and customer experience while maximizing reach and accessibility.

    Customer Segments

    The customer base of Canada Goose is diverse, catering to luxury outerwear enthusiasts, outdoor adventurers, and fashion-conscious consumers. The brand appeals to those who seek premium quality and are willing to invest in high-performance, stylish apparel.

    Cost Structure

    The cost structure of Canada Goose is influenced by its commitment to quality and sustainability. Significant investments are made in sourcing the finest materials, ethical manufacturing processes, and innovative design. Marketing and global distribution also constitute substantial portions of the company's expenses.

    Revenue Streams

    Canada Goose's revenue is primarily generated through the sale of its outerwear and accessories. The company benefits from both direct-to-consumer sales through its online platform and physical stores, as well as wholesale revenues from partnerships with luxury retailers. Limited edition releases and collaborations further enhance the brand's profitability.

    Conclusion

    Canada Goose Holdings Inc's business model is a testament to how a brand can successfully meld luxury with functionality, all while maintaining a steadfast commitment to quality and sustainability. By strategically navigating its partnerships, activities, and customer engagement, Canada Goose continues to soar high in the competitive luxury outerwear market.

    Which companies are the competitors of Canada Goose Holdings Inc?

    Canada Goose Holdings Inc. has carved out a distinct niche in the luxury outerwear market, known for its high-quality, durable, and stylish winter jackets and apparel. Founded in 1957, it has grown into a globally recognized brand, beloved by outdoor enthusiasts and fashion-forward consumers alike. However, the success of Canada Goose has not gone unnoticed, and several competitors have emerged, each vying for a piece of the lucrative high-end outerwear market. Here we explore some of the key competitors of Canada Goose Holdings Inc.

    The North Face

    A subsidiary of VF Corporation, The North Face has been a formidable competitor in the outdoor apparel industry. Known for its innovative technology and commitment to sustainability, The North Face offers a wide range of products that appeal to both casual consumers and serious adventurers. While it may have a broader product line than Canada Goose, it competes directly in the high-end winter jacket segment, offering products that emphasize warmth, durability, and style.

    Moncler

    Moncler is an Italian luxury fashion brand most famous for its down jackets and sportswear. The company has a rich history, starting as a supplier of durable mountaineering gear and evolving into a high-fashion outerwear brand. Moncler jackets are known for their quality, style, and status symbol, directly competing with Canada Goose's luxury positioning in the market. With its blend of fashion and function, Moncler attracts a clientele that seeks both performance and prestige.

    Patagonia

    Patagonia, based in Ventura, California, is a brand that stands out for its environmental activism and commitment to sustainability. While it offers a wide range of outdoor clothing and gear, its winter jackets, made with recycled materials and designed for harsh conditions, put it in direct competition with Canada Goose. Patagonia appeals to a consumer base that values both the ethical aspects of their clothing and its performance in outdoor settings.

    Woolrich

    With a history that stretches back to 1830, Woolrich is one of the oldest manufacturers of outdoor wear in the US. The brand offers a range of high-quality outerwear, including parkas, coats, and jackets that rival Canada Goose in warmth and durability. Woolrich combines traditional designs with modern technology, catering to consumers who appreciate heritage as well as innovation in their clothing choices.

    Arc'teryx

    Arc'teryx is a Canadian company known for its high-end outdoor clothing and sporting goods. Specializing in technical high-performance apparel, Arc'teryx products are engineered for extreme conditions and activities. The brand's emphasis on quality materials and cutting-edge design puts it in competition with Canada Goose, especially among consumers who prioritize functionality and advanced features in their outerwear.

    Each of these competitors brings something unique to the table, from The North Face's broad appeal and commitment to innovation, Moncler's luxury fashion status, Patagonia's environmental ethos, Woolrich's rich heritage, to Arc'teryx's technical excellence. As Canada Goose Holdings Inc. continues to expand its global presence, the competition within the luxury outerwear market remains intense, driving innovation and offering consumers a wide range of choices.

    Canada Goose Holdings Inc SWOT Analysis

    Canada Goose Holdings Inc, known for its luxury outdoor apparel, has garnered a global reputation for its high-quality products, particularly its winter coats and parkas. Conducting a SWOT analysis—examining the company's Strengths, Weaknesses, Opportunities, and Threats—provides valuable insight into its operational standing and strategic positioning within the competitive marketplace.

    Strengths

    • Brand Reputation: Canada Goose has established a strong brand identity synonymous with luxury, quality, and durability. Its winter clothing is not only seen as a fashion statement but also as a reliable investment for harsh weather conditions.
    • Global Market Presence: With retail stores across North America, Europe, and Asia, Canada Goose has successfully expanded its global footprint, reaching a diverse customer base.
    • Product Quality and Innovation: The company prides itself on high-quality materials and craftsmanship, including ethically sourced down and fur. Continuous innovation in design and technology has also allowed the brand to stay relevant and desirable.

    Weaknesses

    • High Price Point: The premium pricing strategy makes Canada Goose products less accessible to the average consumer, limiting its market to predominantly high-income individuals.
    • Seasonal Dependence: The brand's strong association with winter apparel means its sales are significantly influenced by seasonal demand, making it vulnerable to fluctuations in weather patterns and global warming concerns.
    • Ethical Concerns: Despite ethical sourcing policies, the use of real fur and down has attracted criticism from animal rights groups, potentially alienating a segment of the market that prioritizes ethical and sustainable products.

    Opportunities

    • Expansion into New Markets: Emerging markets in Asia and the Middle East, where there's growing interest in luxury brands, present a significant opportunity for Canada Goose to expand its customer base.
    • Product Line Diversification: Broadening its product range to include lighter apparel suitable for various climates and seasons can help reduce the company's reliance on winter sales and appeal to a more extensive customer demographic.
    • Sustainability Initiatives: By enhancing its commitment to sustainability and ethical practices, Canada Goose can improve its brand image and attract consumers who are increasingly looking for environmentally friendly and socially responsible brands.

    Threats

    • Economic Downturns: Luxury brands are often hit hard during economic downturns as consumers cut back on discretionary spending, which could significantly impact Canada Goose's sales and profitability.
    • Intense Competition: The luxury outerwear market is highly competitive, with numerous brands vying for consumer attention through innovative products and aggressive marketing strategies.
    • Changing Consumer Preferences: The rise of the "athleisure" trend and a shift towards more casual, versatile clothing could challenge Canada Goose's traditional heavy outerwear focus, requiring the company to adapt to changing fashion sensibilities.

    In conclusion, while Canada Goose Holdings Inc. enjoys a strong market position thanks to its brand reputation and product quality, it faces challenges related to its premium pricing, seasonal dependence, and ethical criticisms. Nevertheless, exploring new markets, diversifying its product line, and strengthening its commitment to sustainability are strategic moves that could mitigate these weaknesses and threats, securing its growth and success in the future.

    Key Takeaways

    • Ownership and Leadership: Canada Goose Holdings Inc., a publicly traded company known for its premium outdoor apparel, is owned by a variety of shareholders, including institutional investors and individual stakeholders. Leadership decisions are guided by President & CEO Dani Reiss, who has been instrumental in steering the company's global expansion and brand prestige.

    • Mission Statement Emphasis: Canada Goose's mission focuses on authenticity, quality, and craftsmanship. It aims to inspire and enable people to thrive in the world's coldest places, making "Made in Canada" a hallmark of trust and excellence in the outerwear industry.

    • Revenue Streams: The company generates revenue primarily through the sale of high-end outerwear and accessories. This includes direct-to-consumer sales via its branded retail stores and online platforms, as well as wholesale distribution to select outdoor and luxury retailers globally.

    • Business Model Insights: The Canada Goose Business Model Canvas highlights a strong emphasis on value propositions such as unmatched quality, durability, and performance of its products, alongside a commitment to sustainable and ethical manufacturing practices. Key resources include its manufacturing facilities in Canada, a robust supply chain, and a global retail and online presence.

    • Competitive Landscape and SWOT Analysis: Competitors include luxury and premium outdoor apparel brands like Moncler, The North Face, and Patagonia. The SWOT analysis reveals Canada Goose's strengths in brand loyalty and product quality, opportunities in global market expansion and product line diversification, threats from counterfeit goods and market competition, and weaknesses in reliance on seasonal sales and high price points.

    Conclusion

    In wrapping up our exploration into Canada Goose Holdings Inc, we've delved into the multifaceted aspects that define and drive this iconic brand. The ownership structure of Canada Goose is publicly shared, with Bain Capital owning a significant stake, highlighting the transition of this once family-owned business into a global entity. Central to its ethos, Canada Goose's mission statement emphasizes commitment to craftsmanship and delivering function-first fashion, a principle that has guided its operations and product development.

    The financial backbone of Canada Goose is its high-quality, luxury outerwear products, which command premium prices. This strategy of targeting the high-end market segment enables the company to maintain substantial profit margins. The Business Model Canvas for Canada Goose illustrates a coherent strategic approach that focuses on key partners, activities, resources, value propositions, customer relationships, channels, customer segments, cost structure, and revenue streams, all working in synergy to sustain its market position and growth.

    Competitively, Canada Goose finds itself in a challenging yet stimulating landscape, with brands like Moncler, The North Face, and Patagonia providing alternatives to consumers. These competitors push Canada Goose to continuously innovate and maintain its high standards of quality and functionality.

    The SWOT analysis we conducted offered insights into the strengths, weaknesses, opportunities, and threats facing Canada Goose. Strengths such as brand prestige and loyal customer base are counterbalanced by weaknesses, including high product prices and ethical concerns over animal rights. Opportunities for expansion into new markets and product lines are tempered by threats from global economic downturns and increasing competition.

    In conclusion, Canada Goose Holdings Inc stands as a testament to strategic brand positioning, quality craftsmanship, and adaptive business models in the face of evolving market dynamics and competitive pressures. Its journey reflects a blend of tradition and innovation, challenges and achievements. As Canada Goose continues to navigate the complex terrain of the global apparel industry, it will undoubtedly rely on its foundational principles while embracing new opportunities and addressing challenges head-on.

    FAQs

    What are the strengths and weaknesses of Canada Goose?

    Strengths of Canada Goose:

    1. Strong brand reputation: Canada Goose is known for its high-quality, luxury outerwear and has built a strong brand reputation over the years.
    2. Innovation in product design: The company is known for its innovative use of materials and technology in their products, such as their patented thermal mapping technology.
    3. Global presence: Canada Goose has a strong international presence, with stores in major cities around the world and a growing customer base.
    4. Diversification of product offerings: In addition to their signature parkas, Canada Goose has expanded their product line to include a variety of outerwear and accessories.

    Weaknesses of Canada Goose:

    1. High prices: Canada Goose products are considered luxury items and come with a high price tag, which may limit their accessibility to a wider customer base.
    2. Dependence on seasonal sales: The company's sales are heavily dependent on seasonal factors, such as cold weather, which can impact their financial performance.
    3. Sustainability concerns: Canada Goose has faced criticism for their use of animal fur in their products, despite efforts to source materials ethically. This has led to backlash from animal rights activists and environmentally conscious consumers.
    4. Competition: The outerwear market is highly competitive, with many other brands offering similar products at lower price points. Canada Goose faces competition from both established brands and new entrants in the market.

    What are the threats to the Canada Goose?

    1. Hunting: Canada Geese are legally hunted in many parts of North America, which can lead to population declines if not managed properly.

    2. Habitat loss: Urbanization and agriculture have led to the loss of wetland habitats that Canada Geese rely on for breeding and feeding.

    3. Pollution: Pollution of waterways and wetlands can impact the food sources of Canada Geese and lead to negative health effects.

    4. Climate change: Changing weather patterns and temperatures can affect the migration patterns and breeding success of Canada Geese.

    5. Predation: Canada Geese are preyed upon by a variety of predators, including foxes, coyotes, and birds of prey.

    6. Invasive species: Competition with invasive species for food and nesting sites can impact the survival of Canada Geese populations.

    What is the pestle analysis for Canada Goose?

    Political factors:

    1. Trade policies and tariffs: Changes in international trade policies and tariffs can impact Canada Goose's ability to export its products to various markets.
    2. Political stability: Political instability in key markets can affect Canada Goose's sales and operations.
    3. Environmental regulations: Increasing environmental regulations may impact Canada Goose's manufacturing processes and sustainability efforts.
    4. Labor laws: Changes in labor laws can impact Canada Goose's production costs and workforce management.

    Economic factors:

    1. Economic growth: Economic growth in key markets can drive consumer spending on luxury goods like Canada Goose's products.
    2. Exchange rates: Fluctuations in exchange rates can impact Canada Goose's production costs and pricing strategies.
    3. Income levels: Disposable income levels in key markets can influence consumer demand for Canada Goose's products.
    4. Inflation rates: High inflation rates can impact Canada Goose's production costs and pricing strategies.

    Social factors:

    1. Consumer trends: Changing consumer preferences and trends towards sustainable and ethical fashion can impact Canada Goose's brand image.
    2. Demographics: Aging populations in key markets may influence consumer spending on luxury goods.
    3. Cultural factors: Cultural differences in various markets can impact Canada Goose's marketing and product development strategies.
    4. Social media: The rise of social media can influence brand perception and consumer engagement with Canada Goose.

    Technological factors:

    1. Technological advancements: Advances in technology can impact Canada Goose's manufacturing processes and product innovations.
    2. E-commerce: The growth of e-commerce platforms can provide new sales channels for Canada Goose's products.
    3. Data analytics: Data analytics can help Canada Goose better understand consumer preferences and improve its marketing strategies.
    4. Supply chain management: Technology can improve Canada Goose's supply chain efficiency and sustainability efforts.

    What is Canada Goose strategy?

    Canada Goose's strategy is focused on premium outerwear and expanding its brand globally. The company emphasizes high-quality materials, craftsmanship, and functionality in its products, targeting a niche market that values luxury and performance in cold weather gear. Canada Goose has also invested in direct-to-consumer retail channels and e-commerce to reach a wider audience and enhance customer engagement. Additionally, the company has expanded its product offerings beyond jackets and parkas to include accessories and knitwear, further diversifying its revenue streams. Overall, Canada Goose's strategy is centered around building a strong brand reputation, driving sales growth, and expanding its presence in key markets around the world.

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