As I read the story of how CEO Dani Reiss transformed his grandfather's small family business into the $5B Canada Goose luxury brand we know today, I was reminded of three important lessons our growth strategy work has taught us:

  1. Growth starts with the customer. The company's jackets were warm, as proven by the cult following of those who frequently wore them in the coldest places on earth (think Everest, Antarctica). But that was only one customer segment, one customer need. Reiss recognized that there might be a full demand landscape Canada Goose had yet to access.
  2. Not all customers are created equal. Reiss recognized that he could use the  "authenticity" of his cult following to reach a subset of elite customers willing to pay a premium to "walk around in a garment that Arctic Explorers wore." Reiss' shift to this new, untapped customer base was key to his success.  
  3. Growth has to be led from the top down. It can't be just a marketing effort or a sales initiative. Reiss completely overhauled the brand and its customer base, but he also revolutionized the way they sold, marketed and distributed their product. And it worked.

The bottom line, every company has untapped opportunities for growth - even those in years of decline or challenging categories. Canada Goose's revenues more than tripled from 2014 to 2018, despite a challenging retail environment.