Canada Goose Climbs After Flagship Store Opens in Beijing
(Bloomberg) -- Canada Goose Holdings Inc. rose the most in more than six weeks after the company opened its flagship store in Beijing over the weekend.
The store had been delayed since Dec. 15 amid escalating tensions between Canada and China following the arrest of Huawei Technologies Co.’s chief financial officer in Vancouver. The luxury jacket maker is expanding in China as it bets on the nation’s growing middle class.
“Calls to boycott the brand due to the Huawei CFO’s arrest in Canada have failed to garner much traction,” Bloomberg Intelligence analysts Maxime Boucher and Deborah Aitken wrote on Monday. “Opened after a short delay, its first Mainland China flagship in Beijing is already hugely popular.”
Shares of Canada Goose climbed 6.3 percent at 9:46 a.m. in New York. The shares earlier rose as much as 9.6 percent, their biggest intraday gain since Nov. 14. The U.S. stock had fallen for six straight weeks through Friday’s close, trimming its year-to-date gain to 32 percent after having been up more than 120 percent before the slump.
President Donald Trump reported “big progress” in trade talks with Chinese president Xi Jinping on Saturday. Chinese state media said Xi believed both sides wanted “stable progress.”
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