Canada Goose to cut 17 percent of its global workforce

Outerwear purveyor Canada Goose is cutting 17 percent of its global workforce as part of a cost saving measure and growth strategy. News of the announcement on Tuesday saw the company’s share price tumble 3.7 percent, with stock down 75 percent in the past 12 months. The company is listed on the Toronto Stock Exchange.

“Change is a constant factor at Canada Goose,” CEO Dani Reiss said in a statement on LinkedIn. “We are focusing on efficiency and margin expansion, while investing in key initiatives – brand, design and best-in-class operations – to deliver long-term growth,” despite it being “a difficult decision”.

"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.”

As the maker of luxury parkas begins a new phase of transformation and scaling, shakeups in leadership saw the exit of its chief operations officer last week. According to Canadian news outlet CBC, Canada Goose employed 4,760 staff in April 2023, as per data from financial markets firm Refinitiv, but did not specify the number of employees impacted by its decision to downsize.