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User:CG Courtney/CG History Draft

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History

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In 1957, Polish-Jewish immigrant Sam Tick founded the company that would eventually become Canada Goose, under the name Metro Sportswear.[1][2] The company's first products were wool vests, raincoats, and snowsuits.[1] Tick's son-in-law David Reiss joined Metro Sportswear in 1972 and introduced a down-filling machine that allowed Metro to more efficiently produce winter jackets.[3][4] By the late 1970s, the company was providing parkas to police, park rangers, and other public sector workers.[5][6] It also sold designs to larger apparel manufacturers like L.L. Bean and Eddie Bauer.[5][6] In 1982, Reiss succeeded Tick as the company's CEO.[4][3] In 1985, Reiss acquired a majority stake in the company and changed its name to Snow Goose.[5][3]

In 1997, David's son Dani Reiss joined the company, initially working in sales.[1][6] In 2000, at Dani Reiss's urging, the company changed its name from Snow Goose to Canada Goose.[6][7] The following year, Dani Reiss took over for his father as Canada Goose's new CEO.[6][2] Under Reiss's leadership, the company made an effort to expand into Europe, selling its coats to boutiques in France and Germany.[1]

In December 2013, Boston-based private equity firm Bain Capital acquired a 70% equity stake in Canada Goose at a $250 million valuation.[8][9] Bain's purchase of a majority stake in the company came with a guarantee to keep manufacturing operations in Canada.[9] At the time, the company had grown to approximately 1,000 employees and had recently opened new manufacturing plants in Toronto and Winnipeg.[8] In December 2014, Canada Goose opened a showroom and a sales office in New York City.[10][11] From 2001 to 2014, the company's sales revenue had grown from $3 million to $200 million.[12]

In 2015, the company expanded its manufacturing capacity by building another new plant in Winnipeg and acquiring a second one in Toronto.[13][14] It hired approximately 150 new staff members to work at these plants.[13][14] In 2016, the company opened a store in Toronto's Yorkdale Shopping Centre.[15][16]

The company announced preparations in November 2016 for an initial public offering and reported that it generated $291 million in revenue and $27 million in profit in 2016, against $278 million in debt.[15][17][18] On March 16, 2017, shares of Canada Goose began trading on the Toronto Stock Exchange and New York Stock Exchange with the ticker symbol GOOS.[19][20] The IPO was composed of 20 million shares selling for around $13 per share, and raised approximately $255 million in new revenue.[20][21]

In June 2017, Canada Goose opened its first manufacturing facility in Quebec, a 95,000 square foot facility in Boisbriand.[22] In October 2017, it opened its second United States store on the Magnificent Mile in Chicago.[23][16] A third Winnipeg-based Canada Goose manufacturing plant opened in September 2018.[24] This facility brought Canada Goose's employee count in Winnipeg to 1,700 workers.[24] Two months later, the company expanded into China, establishing a store in Beijing.[25]

In May 2019, the company opened its eighth Canadian production facility and first in Montreal.[26][27] At this time, the company had grown to approximately 3,800 employees and its apparel was being sold in 40 countries.[28]

References

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  1. ^ a b c d Debter, Lauren (May 31, 2019). "The Golden Goose: How Dani Reiss Became A Billionaire Turning Canada Goose Into A Luxury Brand Powerhouse". Forbes. Retrieved March 28, 2022.
  2. ^ a b Healy, Beth (March 16, 2017). "With $900 parkas, Bain's Canada Goose goes public". Boston Globe. Retrieved March 30, 2022.
  3. ^ a b c Gajo, Patricia (November 18, 2012). "Dani Reiss of Canada Goose". Nuvo. Retrieved March 30, 2022.
  4. ^ a b Sorge, Melissa (January 29, 2019). "Canada Goose: A Window to the Arctic". Vue NJ. Retrieved March 30, 2022.
  5. ^ a b c Syme, Rachel (February 16, 2017). "The Rise of Canada Goose's Hollywood-Friendly Coats". The New Yorker. Retrieved March 30, 2022.
  6. ^ a b c d e Lorinc, John (October 17, 2012). "The Golden Goose". Profit Guide. Archived from the original on December 4, 2012. Retrieved March 30, 2022. {{cite news}}: |archive-date= / |archive-url= timestamp mismatch; November 9, 2013 suggested (help)
  7. ^ Atkinson, Nathalie (October 22, 2010). "Style: Canada Goose makes its coats for foresters and fashionistas". The National Post. Retrieved March 30, 2022.
  8. ^ a b Gelles, David (December 10, 2013). "Canada Goose Sells Majority Stake to Bain Capital". New York Times. Retrieved March 30, 2022.
  9. ^ a b Marlow, Iain; Silcoff, Sean; Krashinsky, Susan (December 10, 2013). "Canada Goose sells a majority stake – with a made-in-Canada guarantee". The Globe and Mail. Retrieved March 30, 2022.
  10. ^ Stock, Kyle (December 9, 2014). "How Wall Street Puffed Up Sales of $800 Down Parkas". Bloomberg. Retrieved March 30, 2022.
  11. ^ Hunstig, Maria (December 5, 2014). "Canada Goose opens sales office in New York City". THe Spinoff. Retrieved March 30, 2022.
  12. ^ Green, Dennis (February 15, 2017). "How a 60-year-old Canadian sportswear manufacturer convinced regular people to wear $900 arctic parkas". Business Insider. Retrieved March 30, 2022.
  13. ^ a b "Canada Goose acquires 2nd manufacturing plant in Toronto". CBC. January 13, 2015. Retrieved March 30, 2022.
  14. ^ a b Friend, David (November 17, 2015). "Canada Goose opens 2nd factory in Winnipeg, hires more staff". CBC. Retrieved March 30, 2022.
  15. ^ a b Kopun, Francine (November 10, 2016). "Is Canada Goose ready to fly on the stock market?". Toronto Star. Retrieved March 30, 2022.
  16. ^ a b Ori, Ryan (April 13, 2016). "Parka Hyatt? Canada Goose plans store in Mag Mile hotel". Chicago Tribune. Retrieved March 30, 2022.
  17. ^ Zeitlin, Matthew (February 16, 2017). "Here are 7 things we learned about Canada Goose from its IPO filing". CNBC. Retrieved March 30, 2022.
  18. ^ Deveau, Scott (February 15, 2017). "Canada Goose Files for IPO in New York and Toronto". Bloomberg. Retrieved March 30, 2022.
  19. ^ "Shares in coat maker Canada Goose soar in debut on Toronto and New York markets". CBC. March 16, 2017. Retrieved March 30, 2022.
  20. ^ a b Debter, Lauren (March 16, 2017). "Canada Goose Shares Fly Higher In $250 Million IPO". Forbes. Retrieved March 30, 2022.
  21. ^ Thomas, Lauren (March 16, 2017). "Canada Goose closes its first day trading up more than 25% IPO". CNBC. Retrieved March 30, 2022.
  22. ^ "450 jobs as Canada Goose opens new Boisbriand factory". CTV. June 29, 2017. Retrieved March 30, 2022.
  23. ^ Zumbach, Lauren (October 27, 2017). "Parka brand Canada Goose opens 10,000-square-foot Michigan Avenue flagship store". Chicago Tribune. Retrieved October 30, 2017.
  24. ^ a b Cash, Martin (September 11, 2018). "Canada Goose opens new plant". Winnipeg Free Press. Retrieved March 30, 2022.
  25. ^ "Canada Goose opens Beijing store following delay". CBC. December 29, 2018. Retrieved March 30, 2022.
  26. ^ Wright, Beth (May 1, 2019). "Canada Goose officially opens new Montreal factory". Just Style. Retrieved March 30, 2022.
  27. ^ "Canada Goose to open new Montreal factory, hire 650 people". CTV. February 14, 2019. Retrieved March 30, 2022.
  28. ^ van Elven, Marjorie (May 1, 2019). "Canada Goose opens new manufacturing facility in Montreal". Fashion United. Retrieved March 30, 2022.
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