Shares of Canada Goose Holdings (GOOS) - Get Canada Goose Holdings, Inc. Report rose Thursday after the apparel maker said it would stop using animal fur in all its products, as animal-rights activists have urged for years.
“This announcement is driven by its focus on its purpose-based platform, Humanature, relentless innovation, and expanding lifestyle relevance,” the company said.
The Toronto company said it would end fur purchases by year-end and cease manufacturing with fur by the end of 2022.
The stock recently traded at $42.61, up 4.3%. It has soared 38% in the past six months amid optimism for economic recovery.
“Our focus has always been on making products that deliver exceptional quality, protection from the elements, and perform the way consumers need them to,” Chief Executive Dani Reiss said in a statement. “We are accelerating the sustainable evolution of our designs.”
In 2019, Canada Goose said it committed to achieve net-zero carbon emissions. It said it would reduce emissions by more than 80% from current levels by 2025.
Other companies that have pledged to eliminate the use of animal fur in their products are Saks Fifth Avenue, Macy's (M) - Get Macy's Inc Report and its Bloomingdale's chain, and Nordstrom (JWN) - Get Nordstrom, Inc. (JWN) Report, Bloomberg/National Post reports.
In other retail news Thursday, Piper Sandler analyst Peter Keith downgraded Dollar Tree (DLTR) - Get Dollar Tree, Inc. Report to neutral from overweight, citing inflation concern. He cut his price target to $102 from $117.
Keith based his move “primarily on concerns of intensifying inflationary pressures from both freight and wages.
Meanwhile, on Wednesday, Warby Parker, the online/in-store prescription eyewear company, said it confidentially filed with the Securities and Exchange Commission for a public offering of its Class A common stock.