中国资本角逐“羽绒服界爱马仕”

Core Viewpoint - Bain Capital, the controlling shareholder of Canada Goose, is considering selling part or all of its 60.5% stake in the high-end functional apparel brand, with multiple acquisition offers received, valuing the company at approximately $1.35 billion, which is 8 times its average EBITDA over the past 12 months [1][3]. Group 1: Acquisition Interest - Advent International and Boyu Capital have made verbal offers for Canada Goose, with Advent focusing on consumer upgrades and healthcare, while Boyu is backed by top-tier limited partners [3]. - Other Chinese institutions, including Bosideng and a consortium formed by FountainVest Capital and Anta Group, have also expressed interest in acquiring Canada Goose [3][4]. Group 2: Company Background and Growth - Canada Goose was founded in 1957 and has transformed from a niche brand for extreme weather to a global luxury brand, significantly expanding its product line from 20 to 200 items under Bain Capital's ownership [4]. - The company went public in 2017, reaching a peak market value of over $7.8 billion, with the Greater China region becoming its largest market, accounting for nearly half of its global stores [4][6]. Group 3: Financial Performance - Canada Goose's sales growth has slowed significantly, with projected growth rates dropping from 21.54% to 1.1% from fiscal years 2022 to 2025 [6]. - In the first quarter of fiscal year 2025, Canada Goose reported a 22.4% year-over-year revenue increase to CAD 108 million, marking the largest growth in nearly nine quarters, with the Greater China region showing an 18.7% increase [6]. Group 4: Market Challenges - The luxury goods sector is experiencing a slowdown, and Canada Goose faces intense competition in China from brands like Lululemon and Arc'teryx, as well as local brands like Bosideng [6]. - The recent growth of Canada Goose is largely attributed to the expansion of its footwear and accessories categories, with plans to increase investment in sweaters, sunglasses, and shoes to transition into a year-round luxury brand [6][7].