Canada Goose is feeling the chill of the economic downturn. The luxury parka maker announced today that it will be laying off 17% of its corporate workforce, joining a growing list of retailers shedding staff in 2024.
This news comes on the heels of a hiring spree for Canada Goose. Between 2021 and 2023, the company nearly doubled its corporate headcount, ballooning from 544 to 915 employees. This aggressive expansion was fueled by ambitious growth plans, but with consumer spending taking a hit, Canada Goose is being forced to slim down.
The cuts are expected to impact around 155 employees. This figure is based on 17% of the company’s pre-layoff corporate headcount of 915.
While the exact number of layoffs is unknown, the cuts will undoubtedly impact Canada Goose’s Toronto headquarters. CEO Dani Reiss characterizes the move as a “realignment” designed to optimize the company for its “next phase of growth.” The focus, according to Reiss, will be on “efficiency and margin expansion” while investing in core areas like brand identity, design, and operational excellence.
This streamlining effort, dubbed the “Transformation Program,” follows a comprehensive review of Canada Goose’s organizational structure. The company expects the layoffs to deliver immediate cost savings and streamline decision-making. Whether this translates to long-term growth for the iconic parka brand remains to be seen.
