Canada Goose files for public offering on Toronto and NY exchanges

Outerwear maker Canada Goose Holdings Inc. has filed Wednesday for an initial public offering.

It's a surprising admission from the Toronto-based company to have to make in 2017 and stands in contrast to the statements and actions of Justin Trudeau, its country's prime minister.

It listed $100 million as the amount it would raise through the offering but this is a commonly-used placeholder and is likely to change.

Canada Goose opened its first retail stores past year in Toronto and NY, with sales also through the company's online store and authorized retailers in Canada and overseas. Companies listed on the latter are required to annually report gender diversity statistics. Earnings before interest, taxes, depreciation and amortization during the same period rose 37% to C$75.58 million.

Revenues grew at an annualized rate of 38.3% from 2014 to 2016, it said.

Brand awareness in the USA was 16% as of August, compared with 76% in Canada, Canada Goose said, citing an internal consumer survey.

"We believe there is a large white-space opportunity in other regions such as the Mid-Atlantic, Midwest and Pacific Northwest", the prospectus said.

Canada Goose was founded 60 years ago. That was up from $14.4 million in net income on $218.4 million in revenue a year earlier. It recently opened a flagship store in New York City.

In 2013, when Bain acquired a majority stake in Canada Goose, the company was valued at about $250 million, people familiar with the matter have said. Bain managing directors Ryan Cotton and Joshua Bekenstein sit on Canada Goose's board of directors.

  • Zachary Reyes