Affected by the epidemic, major multinational companies around the world are facing severe challenges this year. However, Canadian down jacket manufacturer Canada Goose Holding Inc. recently announced results that showed its revenue was better than expected, indicating that the impact of the epidemic on the company is easing.
According to foreign media reports on the evening of Thursday (November 5), Canada Goose CEO Danny Rice said in a statement that with the arrival of winter, Canada Goose will usher in a revenue peak. , which is a strong supporting factor for its recent revenue to be better than expected.
In addition, the sharp increase in sales in China is also an important factor in boosting the company’s performance. It is reported that, like luxury goods such as Moncler SpA and LVMH, Canada Goose is also getting a boost from the Chinese market.
You know, after Canada made an unexpected decision at the end of 2018, the company’s stock price plummeted 16% because investors were worried that its sales in China would be boycotted. Therefore, it is undoubtedly surprising that the Chinese market has now become the “savior” of the company.
Reports pointed out that Canada Goose’s direct sales in China have soared by more than 30% this year. Affected by the booming sales, the company is also increasing its bets on China and has opened new stores in China this year. 4 stores. Rice said the Chinese market has returned to growth and its business is accelerating at a meaningful pace at the right time, which is winter.
However, in addition to the Chinese market, Canada Goose has encountered “Waterloo” in other markets around the world. It is reported that due to the epidemic, the company has closed stores from Paris, France to Toronto, Canada earlier this year, and the performance of department stores selling the brand has also continued to sluggish.
Until now, sales of Canada Goose in the European and American markets have not returned to pre-epidemic levels. Data show that even with the boost from the Chinese market, the company’s second-quarter revenue as of September 27 this year still plummeted 34% year-on-year to US$149.4 million (approximately 991 million yuan), which also includes some personal protective equipment. </p
