From heights of more than $90 a share in 2018, to hovering just over $13 now, Canada Goose’s share price has seen a rather dramatic slide.“We believe the pace and shape of the recovery of Canada Goose’s China business remains uncertain and will take time,” said Mark Petrie, an equity analyst at CBIC, told the Toronto Star after slashing his price target on Canada Goose shares from $27 to $20, and maintaining his “neutral” rating. Other analysts reduce their price targets to as low as $17 per share.Canada Goose announced that profits for Q2 2024 (ended October 1, 2023) had risen slightly to $3.9 million, up from $3.3 million a year earlier.Revenue for the current quarter rose just 1% to CA$281.1 million ($205 million). Revenue rose 13% in Asia-Pacific and 6% in Europe, but fell 7% in North America. How did a brand that redefined winter parkas through a combination of advanced technology and savvy retail marketing go from hero to nearly zero? When Right Markets Went WrongA lot of what drove the rapid growth of Canada Goose’s sales was its popularity with Chinese consumers. The parkas were the ideal mix of a high status fashion item that actually had real functional value. With most of China experiencing cold winters, a Canada Goose jacket was more than simply a fashion statement. What once made sense - selling a high-end parka that retails for up to $1,700 to consumers in a country with more than a billion people and dramatically-rising disposable incomes - is no longer as clear cut a winner.Like many other high end brands, China’s massive market and desire for prestigious brands looked to be the right market for Canada Goose. And it was, until the pandemic hit. For the past year the mood in the market has veered toward cautious spending.Younger consumers are now looking to champion domestic brands, something that the government has been encouraging.While China is just one market, albeit a huge one, the rest of the world is also facing economic challenges. Making up the shortfall in the China market with enough growth in alternative markets is not easy right now. Sales of luxury goods in the US have stalled for most luxury goods brands. Japan and Korea are facing similar slowdowns. Russia is still embroiled in its conflict with Ukraine. And fast growing Southeast Asia and India has less demand for down jackets given their warmer climates.The luxury goods companies that are winning in today's market typically have the advantage diversified brand portfolios. Rely on more diversified geographic areas for sales. Several have both.Success Fires Up CompetitorsMounting pressure from other brands that saw Canada Goose’s success and thought “we can do that too” has been another challenge. Fellow Canadian brand Moose Knuckles has become a solid competitor. Woolrich (USA) has also been quietly gaining market share with consumers who want understated quality.Moncler (Italy), which has been a top brand for decades, has continued to win market share by taking a more fashion-driven approach and introducing new styles each season.Arc’teryx (Canada) has also been expanding its range of down jackets.Thus premium customers have a lot of choice. Traditional vs Next Big ThingCanada Goose carved out a niche in ‘luxury outdoor wear’ with its iconic down parka emblazoned with its brand patch on the sleeve or chest of the garment.It parlayed its strength in the ‘keep warm’ space by creating its distinctive elevated luxury retail experience that it calls ‘Canadian warmth’, which define the Canada Goose customer journey. In Q2 2024, the brand began to roll out the Canadian warmth experience across its store network, which during its pilot phase showed a positive uplift in conversion, according to CEO Dani Reiss.However the iconic style on which Canada Goose built its fame has recently been blamed for lacking innovation and newness.The company is now trying to change that.It is building partnerships, through which “we continue to drive cultural relevance and tap into new audiences. One important aspect being product collaborations,” said Mr. Reiss.In September, Canada Goose launched a collaboration with London based fashion house Rokh and artist Matt McCormick that included eight exclusive pieces for women. Products from this collaboration were featured across select Canada Goose stores and placed with strategic and influential fashion retailers like Dover Street Market.Future Growth"The quarter saw us advance each of our priorities, including a favorable response to our investments in emerging categories such as rainwear, apparel, and footwear; a new channel launch with the opening of our first travel luxury location,” said Mr. Reiss during a Q2 2024 earnings call.“Our vertically integrated supply chain and manufacturing infrastructure is one of our strengths and one of our core competencies, and it's an area that we excel in. And we feel that we're very much ahead of the curve when it comes to these sorts of matters,” he said.China remains the key market focus for Canada Goose, which believes that’s where it's fortunes lay.“Chinese shoppers continued to be a driver of our growth, both inside and increasingly outside of the country. As of Q2, we had 21 stores in China, a position that we have got opportunistically backed by strong demand for our brand in this market, and knowing that this will position us well following the pandemic,” said Mr. Reiss.Canada Goose is leaning into DTC and has opened nine stores in the past months, as well as a travel retail store in Frankfurt International Airport in September.Travel retail is a new segment for Canada Goose and one that is likely to play on the brand’s strengths.What Consumers are SayingConsumer reviews are split between 5-star (for garment quality) and 1-star for service. Reviews are from within the past 12 months.About QualityConsumers recognize quality and will pay for it.A little pricey but well worth every penny!These are very nice jackets. Very warm and with all the bells and whistles. Very fine quality. Very very warm and cozy. Beautiful and warm parka, the best I ever had. A masterpiece of manufacturing.About Customer ServiceA premium/luxury brand needs to provide premium/luxury service. There are literally hundreds of complaints about Canada Goose’s poor customer service.Horrible Warranty Service. Sent my jacket in for repair hoping warranty would cover it. NOPE! They claimed it was from "normal wear and tear". Umm excuse me? These zippers are heavy duty. They didn't even offer to fix the zipper at a cost either and instead they sent it back to me in the same condition I sent it.Literally the worst customer service !!! You are better off buying from a third party like Nordstrom. Canada goose service is no help at all. They just keep reading a script never addressing any “issue”. Refused to EXCHANGE a coat purchased in Canada with tags and receipts in the US because their policy is that it has to be done in the county it was purchased in.Inquired about replacement of a hood and was made to believe prior to sending the jacket that they could replace it (Year bought, style model given)… but after multiple, frustrating back and forth emails/ messages and at least 5 calls to their 1(800) number… I got my jacket back and nothing was done.Fact is when stuff goes wrong and they absolutely don’t stand behind their product.