On March 26th local time, GOOS. N announced on its official website that it will lay off approximately 17% of its employees globally as part of an ongoing "transformation plan". The company expects this to immediately save costs, simplify organizational structure, accelerate decision-making speed, and improve the efficiency of the entire operational platform.
Screenshot of Canadian Goose website
Dani Reiss, Chairman and CEO of Canada Goose, said, "We are restructuring our team to ensure that our company resources can drive our next phase of growth across regions, categories, and channels. Our focus is on achieving efficiency and profit margin expansion, while investing in key initiatives - branding, design, and industry best operations - which will effectively position our iconic high-performance luxury brand for long-term growth."
He also emphasized, "Although the decision to lay off employees is difficult, it puts our business in the best position in the future."
The stock price of Canadian Goose fell 6.79% on the 26th, while the US stock market rose 1.53% after market hours. The company stated that it will provide the complete quarterly and annual performance as of March 31, 2024, including more information on transformation plans and their impact, as well as an outlook for the fiscal year 2025, during the financial report conference call in May 2024.
Canada Goose also announced the adjustment of the management organizational structure:
Carrie Baker, President of Brand and Business, will expand her scope of responsibilities to include design work in addition to her existing responsibilities. Kelly will continue to work closely with Dani to drive the continuous evolution of creativity, products, and brands.
Beth Clymer, President of Finance, Strategy, and Administration, will increase operational responsibilities. Former Chief Operating Officer John Moran left Canada Goose on March 19, 2024.
Chief Transformation Officer Daniel Binder will increase supervision of global stores in addition to his existing responsibilities, which currently include sales planning and operations for Canada Goose.
