Canada Goose acquires first European manufacturing plant in Romania, stock pops premarket

Canada Goose Holdings Inc.'s stock (GOOS) rose 2.8% premarket Tuesday, after the maker of luxury outerwear said it's acquired it's first manufacturing facility in Europe. The plant called Paola Confectii is based in Romania and has been a partner in making luxury knitwear for Canada Goose since its launch in 2017. The plan already makes best-selling products such as the HyBridge Knit Jacket, said Canada Goose. Knitwear is one of the company's leading segments in its apparel category and exceeded $70 million in annual sales in fiscal 2023. "Our core down-filled products will continue to be proudly made in Canada, while apparel production will continue to be concentrated within best-in-class European facilities," the company said in a statement. Paola Confectii will continue to be led by Giannino Lessi, general manager, and Paola Zaffalon, technical director, as a standalone entity. The stock has fallen 40% in the year to date, while the S&P 500 has gained 18.5%.

-Ciara Linnane

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11-28-23 0709ET

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