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Canada Goose shares jump on stock market debut Canada Goose shares jump on stock market debut
(35 minutes later)
The high-end parka maker - Canada Goose - is proving as popular with investors as it is with celebrities.The high-end parka maker - Canada Goose - is proving as popular with investors as it is with celebrities.
The company, which makes coyote fur-lined jackets, some of which sell for £900 each, has started trading on the New York Stock Exchange. The company, which makes coyote fur-lined jackets, some of which sell for £900 each, has started trading on the New York Stock Exchange, as well as on Canada's main exchange.
In early trading, shares were more than 40% higher at $18.14.In early trading, shares were more than 40% higher at $18.14.
The company, which was founded in Toronto 60 years ago, was bought by private equity group Bain Capital in 2013. Founded in Toronto 60 years ago, the company was bought by the private equity group Bain Capital in 2013.
The firm had priced its initial public offering at $12.78 per share.The firm had priced its initial public offering at $12.78 per share.
It raised $256m (£207m) from the share sale which will go towards paying down debt. Shares are also trading in Canada. It raised $256m (£207m) from the share sale which will go towards paying down debt.
The company started off making woollen vests, raincoats and snowmobile suits before moving into Arctic and mountain expedition coats and more recently, luxury jackets.The company started off making woollen vests, raincoats and snowmobile suits before moving into Arctic and mountain expedition coats and more recently, luxury jackets.
Animal rights protestors from Peta staged a demonstration outside the New York stock exchange. The group, which objects to its use of coyote fur, plans to buy shares in the company so that it can attend shareholder meetings and influence its policy.Animal rights protestors from Peta staged a demonstration outside the New York stock exchange. The group, which objects to its use of coyote fur, plans to buy shares in the company so that it can attend shareholder meetings and influence its policy.
'Niche product''Niche product'
But the company says its fur comes from regulated trappers and not fur farms, while its down "only comes as a by-product from the poultry industry and has not come from live-plucked or force-fed birds".But the company says its fur comes from regulated trappers and not fur farms, while its down "only comes as a by-product from the poultry industry and has not come from live-plucked or force-fed birds".
One investor, who did not buy the shares, cautioned about the company's growth prospects.One investor, who did not buy the shares, cautioned about the company's growth prospects.
"It is a very niche product at the high end of the retail market, and the retail market is under pressure overall," said Bryden Teich, from Avenue Investment Management."It is a very niche product at the high end of the retail market, and the retail market is under pressure overall," said Bryden Teich, from Avenue Investment Management.
"In light of an over-indebted Canadian consumer, a really tough retail environment, I have a hard time seeing how it becomes a big growth story.""In light of an over-indebted Canadian consumer, a really tough retail environment, I have a hard time seeing how it becomes a big growth story."