Reuters — Canada Goose Inc., a maker of luxury winter down jackets, is interviewing banks to help prepare for an initial public offering (IPO) that could value the company at as much as $2 billion, sources familiar with the matter said on Friday.
An IPO of Toronto-based Canada Goose would demonstrate the explosive growth the company has experienced, following its transition from selling jackets primarily to adventurers on expeditions to shoppers in more than 50 countries, eager to pay $1,000 for warm, high-end coats.
Canada Goose could not be immediately be reached for comment. Its majority owner, private equity firm Bain Capital, declined comment.
Canada Goose, which started in a small warehouse in 1957, sold a majority stake in 2013 to Bain for an undisclosed amount, to help meet its growth ambitions.
Under Bain’s ownership, the company achieved double-digit sales growth in 2014, partially driven by international demand, CEO Dani Reiss told Reuters at the time.
The company, which last year opened new manufacturing plants in Winnipeg and Toronto, announced plans in May to open its first stand-alone retail stores in Toronto and New York City this fall.
The down used in Canada Goose coats is a byproduct of the poultry industry, with most of it sourced from Hutterite farmers who raise free-range flocks in the Canadian Prairies. Many of the other jacket components, such as the fabric, are globally sourced.
The Wall Street Journal first reported news of the IPO plans earlier on Friday.
— Reporting for Reuters by Lauren Hirsch in New York.