Canada Goose announced Tuesday that it’s laying off 17% of its corporate workforce and shaking up executive roles — just weeks after the upscale coat brand revealed tanking revenue in what it called a “challenging” retail environment.
Though the Toronto-based retailer didn’t specify how many roles would be affected, Canada Goose’s corporate headquarters had about 915 employees as of April 2023, per a securities filing obtained by CNBC — meaning roughly 155 workers would be axed.
The news comes a month after Canada Goose reported North American revenue dipped 14% in its latest quarter ended Dec. 31. CEO Dani Reiss blamed the loss on “a challenging consumer spending environment,” where both inflation and interest rates have remained stubbornly elevated.
Reiss said in a press release that the layoff comes as the company starts “realigning our teams to ensure that corporate resources are fit for purpose to fuel our next phase of growth across geographies, categories and channels.”
However, about one year ago Canada Goose once again was changing its head count to support its “continued growth” goals, per CNBC — though at the time, from April 2021 through April 2023, it had nearly doubled its workforce, from 544 to 915 to support its “continued growth” goals at the time.
“We are focused on achieving efficiency and margin expansion, while investing in key initiatives — brand, design and best-in-class operations — that will powerfully position our iconic performance luxury brand to deliver long-term growth,” Reiss added.
The cuts — part of the company’s ongoing “Transformation Program” — come after what it called a “comprehensive review” of its organizational structure and the roles it needs to reach its goals.
Following the layoffs, Canada Goose said it anticipates “immediate cost savings” and resulting “efficiencies across our operating platform.”
The luxury outerwear brand also said Tuesday that its Chief Operating Officer John Moran left on March 19. Moran’s responsibilities were handed to Beth Clymer, President of Finance, Strategy and Administration, per the press release.
Carrie Baker, Canada Goose’s President, Brand & Commercial, also had her role expanded to include overseeing design, while Chief Transformation Officer Daniel Binder will now also oversee global stores in addition to responsibilities in sales planning and operations.
Canada Goose’s share price dipped more than 4% in the wake of the news.
Representatives for the retailer — most popular for its parkas, which are touted as fit for the harshest of winter — did not immediately respond to The Post’s request for comment.
The layoffs at Canada Goose come after Nike, Macy’s, Wayfair, Hasbro and Esty also announced widespread headcount reductions, often citing shoppers pulling back on discretionary spending on items such as clothes, shoes and toys, CNBC reported.
Nike slashed 2% of its staffers last month, while Macy’s laid off 3.5% of 94,570 of its workforce, Wayfair said goodbye to 10% of its global team members, Hasbro axed 15% of its employees and Etsy laid off 11% of its staff.
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