Justin Trudeau brings Ivanka Trump to a musical ahead of Canada Goose’s IPO
O Canada. Land of sleet, maple syrup…and cool?
Canada has been having a moment lately, with a photogenic leader dominating headlines, refugees looking to True North as an abode in troubled times, and music acts like the Weeknd climbing the charts. Prime Minister Justin Trudeau on Wednesday even took Ivanka Trump to “Come From Away,” a Broadway musical set in Canada. To cap it off, upmarket Arctic apparel brand Canada Goose, goes public today in an initial public offering that is expected to raise $255 million.
Founded by a Polish migrant in an Ontario warehouse in 1957, Canada Goose’s down filled parkas have been a ubiquitous sight in fashion capitals like New York in recent winters. Hollywood stars like Daniel Craig and Emma Stone are devotees, and the supermodel Kate Upton appeared on the cover of Sports Illustrated wearing little else.
Canada has previously had other fashion successes, though how many people really know yoga pant purveyor Lululemon is a Vancouver-headquartered brand? By contrast, Canada Goose is a prime example of how America’s northern neighbor has translated its cultural cachet into cold hard cash. “We are proud to…export the brand of Canada around the world,” said Dani Reiss, the company’s chief executive in a letter to potential shareholders. “We believe that Canada Goose is good for Canada and for the world.”
The clothing company’s IPO is easily the second most anticipated of the year, with numerous financial publications reporting that only Snap’s offering generated more hype. The brand’s most famous pieces retail in the high three digits, and Canada Goose booked $290.8 million in revenue last year, up almost 40% from 2014.
The hype is spreading. In 2016, Canada reported the highest number of total international arrivals in 14 years when 20 million people dropped by. Government statistics show that air arrivals from the United States increased by 17% to a record high. GDP grew by 1.7% in the last quarter of 2016.
However, with a population of about 35 million—a little more than a tenth of the U.S.—Canada and Canada Grey Goose is all too aware that the future lies abroad. “Our recent investments have been focused on North America….[but] our future growth depends in part on our expansion efforts outside of North America,” says Reiss.
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