Canada Goose Holdings stated on Wednesday that it has laid off one hundred and twenty five workers, which equates to about 2.5 percent of its global workforce, as part of steps to cope with the impact of Covid-19 on its business.

The move comes after the outerwear brand seeks to mitigate the financial losses caused by the pandemic, coming just months after suspending the long-term outlook for the year.

Looking further afield, it would appear that luxury retailers are taking a hit, with retailers such as Ralph Lauren and Capri Holdings amongst the worst-hit firms as the pandemic shifts consumer spending towards essentials, rather than discretionary products.