Canada Goose to reduce 17% of corporate roles in cost-cutting push
(Reuters) -Canada Goose will trim about 17% of its global corporate workforce, the luxury parka maker said on Tuesday, part of efforts to rein in costs as U.S. demand for high-end goods remained under pressure.
The layoffs represent about 156 jobs. The company's corporate head offices had employed 915 workers as of April 2, 2023, its annual report showed.
Shares of the company were down nearly 3%. They have slumped about 34% over the past 12 months.
Companies ranging from tech majors and banks to retailers and packaged food makers have kicked off 2024 with layoffs, adding on to the spate of job cuts seen last year.
MAC lipstick maker Estee Lauder, denim maker Levi Strauss & Co and sportswear giant Nike are among retail majors to have announced layoffs in recent months.
Canada Goose also said Carrie Baker, president of brand and commercial, would expand her role to oversee design, while Chief Transformation Officer Daniel Binder would take on the additional responsibility of overseeing global stores.
"Today, we are realigning our teams to ensure that corporate resources are fit for purpose to fuel our next phase of growth across geographies, categories, and channels," CEO Dani Reiss said in a statement.
Canada Goose in February posted a 14% slump in quarterly revenue from North America, hurt by luxury demand in the U.S. dwindling.
China, a key market, is also not immune to the soft global macro-environment, the company has warned.
(Reporting by Granth Vanaik and Deborah Sophia in Bengaluru; Editing by Maju Samuel and Sriraj Kalluvila)
