Is Canada Goose cooked? Shares slide as Chinese buyers demand boycott over arrest of Huawei CFO Sabrina Meng Wanzhou
- Shares of high-end down jacket maker Canada Goose have plunged nearly 20 per cent since the arrest of Sabrina Meng Wanzhou in Vancouver on December 1
Growing tensions between Beijing and Ottawa over the arrest of Huawei CFO Sabrina Meng Wanzhou have inflicted damage on the luxury clothing retailer Canada Goose, as Chinese consumers call for a boycott of the brand.
Shares in the company have plunged nearly 20 per cent since the arrest on Meng in Vancouver on December 1. A Canadian judge granted bail to Meng on Tuesday.
The company’s slide in the stock market comes amid reports that a former Canadian diplomat, Michael Kovrig, has been detained in China. He is facing accusations of harming state security, according to Chinese media.
Analysts had warned that Canadian businesses could face increased pressure if China takes punitive measures over Meng’s arrest, which was made at the request of the US, which seeks her extradition on fraud charges related to alleged breaches of sanctions against Iran.
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In recent years, a number of flagship Canadian companies – including the train manufacturer Bombardier and doughnut retailer Tim Hortons – have sought to make inroads in China, a coveted and largely untapped market for Canadian companies.
