Canada Goose (GOOS) is expanding into eyewear as sales of the company’s winter parkas continue to decline.
The Toronto-based company has entered a deal with Marchon Eyewear to develop a new signature eyewear collection.
While terms of the deal were not made public, Canada Goose did say that it has entered an exclusive, long-term licensing agreement with Marchon Eyewear.
New York-based Marchon produces eyewear for other luxury brands such as Lacoste and Calvin Klein.
Canada Goose said that it plans to sell branded sunglasses and optical wear in North America next spring through optical retailers, department stores, and its own stores and website.
The expansion into eyewear comes as sales of Canada Goose’s signature parkas continue to decline.
In March of this year, the company announced that it was reducing its global workforce by 17% amid a prolonged slowdown in sales of luxury goods.
Canada Goose has also appointed a new chief financial officer (CFO) in the last year.
The stock of Canada Goose has declined 30% in the last 12 months and is down 75% over the past five years. The shares currently trade at $10.68 U.S. each.