Dive Brief:
- Expanding its footwear offerings, luxury apparel brand Canada Goose will release its first sneaker on July 18, according to a press release shared with Retail Dive.
- The Glacier Trail sneaker is meant to combine functionality with luxury, with features including a breathable waterproof interior membrane, a protective rubberized leather wrap and a multi-directional heel tread. The sneaker has a variety of color options including black, tan and white, and is available in a high-top version.
- Canada Goose’s new Glacier Trail sneaker is priced at $450 and the Glacier Trail High costs $550. The sneaker will be available on the brand’s e-commerce website and at select brick-and-mortar stores, as well as through Shopbop.com, Saks Fifth Avenue stores and Saksfifthavenue.com in the U.S.
Dive Insight:
Canada Goose’s latest release comes after the brand teased during its fourth-quarter earnings in May that it would release sneakers this summer.
As part of the brand’s Transformation Program, Canada Goose is rapidly expanding its product offerings and plans to release new “hyper feminine” styles in the fall.
Along with growing its assortment, the luxury brand has been particularly focused on expanding its direct-to-consumer business.
In February, the brand announced plans to double its store footprint over the next five years and intends to open 16 new permanent stores during fiscal 2024. Canada Goose in May announced it would open three new stores in the U.S., with locations in Los Angeles, Las Vegas and Bellevue, Washington.
The company’s DTC revenue grew 22.6% year over year during Q4 to 227.5 million Canadian dollars ($170.2 million at current rates) and it ended the quarter with 51 permanent locations globally. For fiscal 2024, Canada Goose projects DTC revenue will reach the mid-to-high 70s as a percentage of total revenue.
Entering sneakers, Canada Goose ventured into a field with growing competition. Outdoors retailer REI in June released its first running shoe since the 1970s, and activewear brand Vuori launched its first gender-neutral sneaker with footwear brand Clae the same month. Additionally, footwear brand On in March released its first children's sneaker collection while Hoka launched its first children’s collection in April.
