The News Comes as Part of a Significant Restructuring Process
Canada Goose, the luxury outerwear company, has announced a reduction in its corporate workforce by 17 percent. The Toronto-based company did not disclose the exact number of employees affected but referred to it as part of a “redesign of our global corporate workforce as part of our ongoing transformation program.”
According to Refinitiv, as of April 2023, Canada Goose had a staff of 4,760 employees.
In a statement, Canada Goose outlined plans to invest in brand, design, and operations, following the layoffs. The company stated that this restructuring “will yield immediate cost savings, simplify organizational structure, accelerate decision making and increase efficiencies across our operating platform. Moving forward, cross-functional teams will be integrated, and business activities will be aligned to our go-forward strategy.”
At the senior executive level, the company announced some changes. Carrie Baker, the president of brand and commercial, will now also oversee design, while Beth Clymer, who recently became the president of finance, strategy, and administration, will add operations to her responsibilities. Additionally, John Moran, the former chief operating officer, departed on March 19, with Dan Binder, the chief transformation officer, assuming responsibility for global stores.
Chairman and CEO Dani Reiss emphasized the company’s focus on efficiency, margin expansion, and investment in key initiatives for future growth. Reiss expressed gratitude to departing employees, acknowledging their contributions and the difficulty of the decision to reduce the workforce.
Canada Goose is set to report its full results for the quarter and year ending March 31 during its May earnings call. In its fiscal third-quarter results announced in February, the company noted wholesale declines, partly due to warmer temperatures affecting demand for winter wear. While wholesale sales decreased, direct-to-consumer sales through the brand’s website and stores saw an increase.
Reiss attributed the weakness in wholesale to industry trends, particularly highlighting a highly promotional holiday season. Despite challenges in wholesale, Canada Goose remains focused on its long-term growth strategy.
