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Canada Goose is cutting its white-collar workforce.
The luxury outerwear maker said Tuesday that about 17% of its employees will lose their jobs due to layoffs. This equates to approximately 915 jobs.
The layoffs coincided with a restructuring of Canada Goose’s management team. This includes giving additional responsibilities to Daniel Binder, chief transformation officer, Carrie Baker, president of brand and commercial, and Beth Clymer, president of finance, strategy and management. the company said.
See the Canada Goose store in Montreal on November 1, 2023. (Graham Hughes/Bloomberg via Getty Images/Getty Images)
Canada Goose said the move “will result in immediate cost savings, simplify our organizational structure, speed decision-making and improve efficiency across our operating platform.”
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It connected them to its “transformation program”. Another step the company is taking is integrating “cross-functional” teams.
The outerwear company said the job cuts were the result of a “comprehensive review of its organizational structure and roles needed to achieve its strategic goals.”
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| goose | canada goose holdings | 11.12 | -0.81 | -6.79% |
Canada Goose said details about how the Transformation Program will impact the company will be released in May when it releases its full-year 2024 financial results. At the end of fiscal year 2023, the company reported employing a total of 4,760 employees, nearly one-fifth of whom were located at its “headquarters.”
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CEO Dani Rees said: “We are investing in key initiatives (brand, design and best-in-class operations) to strongly position our iconic performance luxury brands and deliver long-term growth. However, we are focused on achieving efficiency and profit growth.”
Jackets and hoodies are seen on sale at a Canada Goose store in New York’s Soho neighborhood on January 26th. (Bing Guan/Bloomberg via Getty Images/Getty Images)
The company began implementing its “transformation program” in the fourth quarter of 2023.
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At the time, Reese said the company would “focus on increasing operational efficiency by optimizing production and procurement, developing talent and resources, and increasing our focus on our customers” to boost the company’s bottom line.
He said he expected it to be “rolled out over several years.”
Canada Goose Holdings Co., Ltd.
