Canada Goose is surging after opening its first store in China
Canada Goose jumped Monday after the winter-clothing manufacturer opened its first China store in downtown Beijing.
The store, which opened on Sunday, drew large crowds despite freezing temperatures and recent diplomatic tensions between China and Canada.
Canada Goose surged 6% Monday, to more than $44.30 a share, after the winter-clothing manufacturer opened its first mainland China store in downtown Beijing.
The debut came amid tensions between Canada and China related to the arrest of a top Chinese executive, Meng Wanzhou, in Vancouver earlier this month.
Read more: Canada Goose's first China store draws eager crowds despite diplomatic headwinds
The Beijing store's debut was delayed two weeks, Reuters reported, though the company made "no connection" to the heightened tensions between the two countries. Canada Goose reportedly said earlier this month the postponement was due to construction work.
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Earlier this year, Canada Goose said it was planning a long-term growth strategy in the Greater China area, including launching a direct-to-consumer business and opening stores in Beijing and Hong Kong.
Toronto-based Canada Goose debuted on both the New York Stock Exchange and the Toronto Stock Exchange in March of 2017. Shares soared on the first day of trading and have rallied nearly 173% since. Still, the stock is down 39% from its mid-November all-time high of $72.27
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