Canada Goose — the iconic Canadian brand that began by making jackets for park rangers before pivoting to making status symbols for Bay Street traders — is getting even bougier.
What happened: Ahead of its quarterly earnings, the parka-maker announced the hiring of acclaimed French designer Haider Ackermann as its first-ever creative director.
- Ackermann previously worked for brands like Berluti and Jean Paul Gaultier, but is perhaps best known for being Timothée Chalamet’s fashion guru.
- Ackermann’s first product is a line of hoodies in support of the non-profit Polar Bears International. His first official capsule for Canada Goose is slated to drop in October.
Why it matters: Canada Goose has been a fave of celebs for some time and is no stranger to high-fashion collabs. Still, Ackermann’s appointment is a loud and clear statement that the company is entering a luxurious new era in an attempt to revive sales and its market value.
- While the parka-maker has been cleaning up in Asia, revenue has dropped pretty much everywhere else. In the past 12 months, shares have cratered by 43%.
- In a bid to turn the tide, the company aims to attract more high-end shoppers by diversifying its products (e.g., sneakers) and plans for “much higher price points.”
Zoom out: With fashion moving fast and spending moving slow, Canada Goose isn’t the only legacy Canadian apparel brand taking big swings to recapture past glories. Roots is trying to tap into Gen Z by working with the so-hot-right-now designer Joey Gollish, while Club Monaco is taking a back-to-basics approach under its new design team.—QH