It's safe to say that Canadian winter parka brand Canada Goose is seriously thriving. Canada Goose is opening a brand new factory in Canada after their profit beat expectations and the company made a whopping $103.4 million in the fourth quarter of 2018. The new factory will be in Montreal, Quebec and marks the second one in the province.
Canada Goose's new production facility will provide jobs to hundreds of Canadians. It is expected to already have over 100 employees at the factory by the end of March this year, and eventually, grow to 650 employees by the end of 2020, according to the Financial Post.
This move to open up a new factory comes after the company had significantly higher profits than expected. Canada Goose reported a profit of $103.4 million just in the last quarter of 2018, so this doesn't even count all the revenue made in the first three quarters of the year – that is a lot of parkas sold.
This is almost $40 million dollars more than the same time last year – the same quarter last year saw a profit of $63 million, according to the Financial Post. This means that Canada Goose is continuing to gain even more popularity.
Canada Goose's revenue also significantly increased from the year before. In Canada Goose's third quarter, their total revenue reached almost $400 million, which is over $100 million more than the year before.
Canada Goose is not showing any signs of slowing down. The company expects to be even more profitable and popular in the upcoming year, which is a major reason why they are opening a brand new factory in Montreal.
The company is expecting revenue to continually grow by mid to high 30%, which is higher than their earlier expectations for the brand.
Just earlier this month in February, Canada Goose released a new stunning parka collection that was designed by Canadian Inuit designers and it was met with rave reviews. Canada Goose has also done collaborations with Drake's clothing line October’s Very Own (OVO) and they have been a major success.
With their new factory and financial report, it shows that despite their high prices and past controversies, Canada Goose is still thriving. Their parkas usually retail for around $1000, so a lot of people are willing to shell out thousands to wear Canada Goose jackets.