Dani Reiss had no intention of running a billion-dollar clothing empire when he joined his dad’s shop making winter parkas 20 years ago.
TORONTO, Canada — Dani Reiss had no intention of running a billion-dollar clothing empire when he joined his dad’s shop making winter parkas 20 years ago. He was an English literature graduate from the University of Toronto, looking for a few bucks to finance his travel plans.
“The last thing I ever thought I would do was work for my parents in the family business,” Reiss said in an interview last year. “I wanted to be a short-story writer; I wanted to write fiction.”
Reiss skipped the writing in the end, sticking around to transform Canada Goose Holdings Inc. into one of the most valuable luxury brands in the world, selling $900 down coats to everyone from park rangers to Drake. His overhaul of the 60-year-old company started by his grandfather paid dividends this week with an initial public offering. After a single day of trading, the business has a market value of about C$2.29 billion ($1.72 billion).
Reiss, 43, took home almost C$70 million from the deal, selling 4.1 million shares at C$17 each. He maintains a 24 percent stake in the company, worth another C$557 million after the stock surged 27 percent to C$21.53 on the first day of trading in Toronto. His partners at Bain Capital, the private equity firm, still hold a 57 percent stake after pocketing C$123 million from selling shares, based on figures in the IPO documents. Bain’s stake after the IPO is worth about C$1.3 billion.
To get a sense of how much the company has grown under Reiss and Bain, consider that the company was valued at just $250 million when Bain bought a 70 percent stake in 2013, people familiar with the matter have said. Terms weren’t disclosed at the time.
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