Canada Goose Holdings Inc. says it is laying off 17 per cent of its global corporate workforce.
In a LinkedIn note from CEO Dani Reiss, the luxury parka maker said Tuesday that the job cuts are meant to put the company in a better position for scaling and will help the Toronto-based business focus on efficiency and key brand, design and operational initiatives.
"This is sad news for me to share because we have individuals leaving the organization today who were instrumental in making Canada Goose the business it is today, and I am personally grateful to each and every one of them," Reiss wrote.
"Decisions like this are heartbreaking, but at the same time I am confident this is necessary for the next phase of our business."
When asked about the extent and nature of the cuts, Canada Goose did not release the number of employees affected.
Canada Goose had 4,760 staff in April 2023, according to data from financial markets firm Refinitiv.
The layoff comes after Canada Goose faced a particularly difficult winter.
First, unseasonably warm temperatures pushed back the start of the usual parka buying season.
"The first cold snap prompts business," chief financial officer Jonathan Sinclair said on Nov. 1 call with analysts to discuss the company's second quarter financial results.
"It sort of reminds the consumer that this is the time that they should go and buy cold weather gear, so the longer you wait for that, the later (the sales period) starts, and I think that is what we've experienced this year."
Months later, when the company was discussing its third-quarter performance, Reiss conceded the company was facing a "challenging consumer environment" globally.
Carrie Baker, the company's president of brand and commercial, said Canada Goose was open to hiking prices as buyers rethink purchasing expensive apparel while interest rates and inflation remain high. Despite already selling some parkas for $2,000, a higher price point would increase the desirability of the luxury brand, she said.
On Tuesday, Baker's role was expanded to also include design, while Beth Clymer, president of finance, strategy and administration, took on additional operations responsibilities that used to fall under chief operating officer John Moran. Moran left the company on March 19.
Rounding out the job changes was Daniel Binder, chief transformation officer, who will now also oversee the company's global stores.
Canada Goose said the shuffle is the result of a "comprehensive review" of its organizational structure and roles" needed to achieve our strategic objectives, which we anticipate will yield immediate cost savings, simplify organizational structure, accelerate decision making and increase efficiencies across our operating platform."
Canada Goose is set to release its fourth-quarter and full-year financial results in May, where it said it will provide further information on its transformation and its outlook for fiscal 2025.
This report by The Canadian Press was first published March 26, 2024.
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