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Canada Goose is shrinking its white collar headcount.
The high-end outerwear company on Tuesday revealed that about 17% of its corporate workers would lose their jobs in the cuts. It amounts to approximately 915 jobs.
The layoffs coincided with Canada Goose restructuring aspects of its management team. That included giving additional responsibilities to Chief Transformation Officer Daniel Binder, Brand & Commercial President Carrie Baker and Finance, Strategy and Administration President Beth Clymer, the company said.
A Canada Goose store in Montreal is seen on Nov. 1, 2023. (Graham Hughes/Bloomberg via Getty Images / Getty Images)
Canada Goose said the moves will “yield immediate cost savings, simplify organizational structure, accelerate decision making and increase efficiencies across our operating platform.”
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It tied them to its “Transformation Program.” Another measure the company said it was taking was integrating its “cross-functional” teams.
The layoffs “followed a comprehensive review of the organization structure and roles needed to achieve our strategic objectives,” per the outerwear company.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GOOS | CANADA GOOSE HLDGS | 11.11 | -0.81 | -6.83% |
Canada Goose said more details regarding how its “Transformation Program” will affect the company will come out in May as it publishes its fiscal 2024 full-year financial performance. At the end of its 2023 fiscal year, it reported employing a total of 4,760 workers, nearly one-fifth of which were in “corporate head offices.”
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“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,” CEO Dani Reiss said.
Jackets and parkas are seen for sale at a Canada Goose store in the SoHo neighborhood of New York on Jan. 26. (Bing Guan/Bloomberg via Getty Images / Getty Images)
The company started implementing its “Transformation Program” in the fourth quarter of its fiscal 2023 year.
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At the time, Reiss said it would “focus on increasing operational efficiencies by optimizing production and procurement, developing people and resources and focusing even more on our customers” to boost the company’s bottom line.
It is expected to “roll out over a number of years,” he said.
Canada Goose Holdings Inc
