On Monday, August 14th, Canada Goose announced its new fleet of luxury knitwear.
Veering away from the trademark $1000-parka, the Toronto-based company is delving beneath its outerwear threads for the first time.
Ranging from $300 to $700, the knitwear line boasts mid-to-heavy weight sweaters, as well as a partially-knit jacket, the Hybridge.
Canada Goose spent the last three years designing its knitwear line with materials from Italy, Argentina, Canada and Romania.
Its cheapest sweaters of the new fleet, the $300-women's Aleza and the Maurelle, are made with ultra-fine Merino wool and Thermal Mapping technology that is said to increase air flow in all the right places.
While PETA has put a small dent in the sales of Canada Goose's fur-lined parkas, its cries were muffled by the many A-list celebrities spotted in the luxury parkas. Stars like Drake, Bradley Cooper, Daniel Craig, Meg Ryan and more have endorsed the Canadian product.
But the parkas started to see competition as other fashion labels like Wild North Inc., began designing its version of the luxurious winter parka.
The new knitwear line, along with accessories like mittens are helping diversify Canada Goose's market.
But the company is also diversifying by expanding its stores.
In November of 2016, the company opened its U.S. flagship store in New York City.
In May of 2017, Canada Goose Holdings Inc. announced the opening of two flagship stores this fall in London, U.K., and Chicago, U.S.
The London flagship marks the first store to hit Europe.
“Opening our first European store is not only a milestone for Canada Goose, but it’s turning a dream into reality. London and Chicago are world-renowned shopping destinations and I’m proud to bring our Canadian heritage, experience and unparalleled product to their historic streets,” said Dani Reiss, President & CEO, Canada Goose.
While the store expansion is a contributor to the company's growth, the market research platform, Bay Street, attributes the company's growth to its increased e-commerce activity.
In March of 2017, Canada Goose announced it was trading on the Toronto Stock Exchange and the New York Stock Exchange under the share 'GOOSE.'
Canada Goose Holdings Inc. saw revenue growth of $8.3 million compared to $1.3 million in the first fiscal previous year.
The company is flying above the brick-and-mortar doom and gloom by capturing an e-commerce market in seven new countries including Germany, Sweden, Netherlands, Ireland, Belgium, Luxemburg and Austria.
And it seems to have a hungry market already, as some online knitwear products are 'out of stock.'
It's unknown if the knitwear line will hit the B.C. Interior any time soon.
The outdoor store, Atmosphere, is the Kelowna and Kamloops provider for Canada Goose.
However, staff at both locations told KelownaNow that they were unsure if and when the knitwear line would arrive this year.
All of its product distribution decisions are made by Atmosphere's distributor, FGL Sports in Calgary.
KelownaNow reached out to FGL but has not received a response.
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