The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Canada Goose Holdings Inc beat Wall Street estimates for quarterly revenue on Friday, driven by surging online sales and a strong demand for its luxury parkas amid the reopening of major economies.
Luxury goods makers have seen a strong recovery from the global health crisis, boosted by pent-up demand for everything from high-end clothing to designer bags and shoes, even as travel restrictions continue to dampen demand from tourists.
Chinese consumers, known to splurge on high-end Western brands, lifted Canada Goose in the quarter as they continued to purchase its parkas and jackets despite fresh lockdowns in some cities due to the Delta variant of the virus.
Revenue rose to C$232.9 million ($186.69 million) in the second quarter ended Sept. 26, from C$194.8 million a year earlier, beating analysts’ estimates of C$206.1 million, according to Refinitiv IBES.
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Net income fell to C$9.0 million, or 8 Canadian cents per share, from C$10.4 million, or 9 Canadian cents per share, a year earlier.
By Deborah Sophia; Editor: Krishna Chandra Eluri
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Canada Goose Expands Into Footwear
With the release of a $1,300 winter boot, the luxury outerwear brand is looking beyond its puffer jacket hero product.
The group’s flagship Prada brand grew more slowly but remained resilient in the face of a sector-wide slowdown, with retail sales up 7 percent.
The guidance was issued as the French group released first-quarter sales that confirmed forecasts for a slowdown. Weak demand in China and poor performance at flagship Gucci are weighing on the group.
Consumers face less, not more, choice if handbag brands can't scale up to compete with LVMH, argues Andrea Felsted.
As the French luxury group attempts to get back on track, investors, former insiders and industry observers say the group needs a far more drastic overhaul than it has planned, reports Bloomberg.