China Canada Goose flagship opening delayed after Meng arrest
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The arrest of Huawei CFO Sabrina Meng Wanzhou in Canada has prompted down jacket retailer Canada Goose to delay launching its Chinese flagship store. Diplomatic tensions between the two countries have already contributed to a 20.6 per cent drop in the brand’s share price this month amidst calls for a boycott in China and the Meng arrest only worsened the situation.
The brand had been poised to open the 600sqm flagship in fashionable Taikoo Li Sanlitun this Saturday, following a pop-up event last month and a promotional campaign on Alibaba’s Taobao online mall. It opened a branch in Hong Kong last month, and is planning a regional office in Shanghai.
“Our Beijing store has been delayed slightly due to ongoing construction. We look forward to opening our newest store in the near future.”
A statement published : “Our Beijing store has been delayed slightly due to ongoing construction. We look forward to opening our newest store in the near future.”
The Meng arrest took place at the request of the US on fraud charges related to alleged breaches of Iran sanctions.
Questions & Answers
Q.What specifically caused the delay in opening the Canada Goose flagship store in Beijing?
What specifically caused the delay in opening the Canada Goose flagship store in Beijing?
The official statement from Canada Goose attributes the delay to ongoing construction. However, the article suggests diplomatic tensions following the Meng arrest worsened the situation and contributed to the decision.
Q.How has the arrest of Sabrina Meng Wanzhou impacted Canada Goose's market performance?
How has the arrest of Sabrina Meng Wanzhou impacted Canada Goose's market performance?
The arrest, amidst calls for a boycott in China and existing diplomatic tensions, contributed to a 20.6 per cent drop in the brand's share price this month. It significantly worsened the challenging situation for the retailer.
Q.What steps had Canada Goose taken to prepare for its expansion into the Chinese market?
What steps had Canada Goose taken to prepare for its expansion into the Chinese market?
Canada Goose had held a pop-up event last month, launched a promotional campaign on Alibaba's Taobao, and opened a branch in Hong Kong. It was also planning a regional office in Shanghai.
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