Canada Goose Holdings Inc said on Wednesday it would limit shipments to department stores and focus on its own outlets and website to shore up profit margins, as it looks to cushion the blow from the COVID-19 pandemic.
The Toronto-based company unveiled on Wednesday in conjunction with Earth Day, a sustainable impact strategy, including a target of becoming carbon-neutral by 2025, as well as a shift towards the use of reclaimed fur.
As different industry players continue to take actions to fight the spread of Covid-19 or preserve their own liquidity during the crisis, the latest announcements have come from Canada Goose, Condé Nast and Coty.
Tapestry's Coach and Kate Spade foundations will each make new contributions to support Covid-19 charities and frontline healthcare workers, while Canada Goose will boost its production of medical protective gear.
Ralph Lauren Corp said on Tuesday it drew down $475 million from an existing credit line and stopped share buybacks, as it looks to beef up cash reserves to cope with the financial blow from the coronavirus pandemic.
With North American retailers implementing store closures to combat the spread of Covid-19 since the weekend, Tuesday’s announcements have come from the likes of Macy's, Ralph Lauren, AEO, Foot Locker and Tapestry.
As Covid-19 continues to spread, Monday saw a number of North American retailers moving to protect consumers and employees by implementing store closures, including Nordstrom, Guess, Canada Goose, VF, PVH and Ulta.
Advent International, Bain Capital and Cinven are all reportedly candidates to take over the brands in Coty's professional beauty division, including Wella and OPI, as the company looks to stabilise its finances.