Canada Goose, the company known for the thousands of animals killed to make their “made in Canada” winter parkas, has sold a majority stake to US-based Bain Capital.
For a company that claims it is proudly Canadian, this is an interesting move. Bain Capital is the firm started in the 1980s by failed presidential candidate Mitt Romney and is known for its mercenary-like tactics in profit-making.
Reuters stated that Canada Goose CEO Dani Reiss – who will remain a minority shareholder and the company’s leader – claims Bain Capital is best able to assist the company in growing internationally, particularly in the Asian market.
For those of us monitoring the wholesale slaughter of our nation’s wildlife for the vanity of a few, this could be a good thing or a bad thing.
A growing market for Canada Goose could mean an increase in demand; an increase in demand would mean an increase in the number of animals killed annually for fashion.
But we also look to the historic precedence of a company like Bain Capital, and others, whose only mission is to make money for investors. If there is a way to make the bottom line blacker, it will be taken. That could mean a switch from the unnecessary coyote fur-trim to a synthetic replacement; it could mean outsourcing jobs from Canada, breaking down one of the selling-points Reiss claims lead to the popularity of his jackets; it could even mean a flat out shut down of the company if it does not remain profitable.
Even Reiss’ own turn-around on earlier statements shows a possible breaking point for the company. According to a Reuters.com article, Canada Goose brought in investment firm Canaccord Genuity to help find a partner to expand their global reach, with Reiss stating “a minority partner would be preferred.”
While Reiss remains on as CEO and a shareholder, a US-based corporate entity now owns the majority stake of the company.
We do not know what the future holds for Canada Goose, Bain Capital or the millions of animals killed for their products. But we do know that we will not stop in trying to bring an end to the cruelty Reiss and his new American masters consider fashionable.
Find out how you can help our efforts to bring down the fur trade in Canada today.