Aritzia Plans to Double Revenue by Fiscal 2032

Aritzia wants to nearly triple its net revenue to between 9.5 billion and 10.5 billion Canadian dollars ($6.8 billion and up) by fiscal 2032. The Canada-based fashion retailer laid out the five-year target at an investors day call on Tuesday. The plan calls for 21% adjusted EBITDA and a 15% to 17% compound annual growth rate, according to the company.

The goal more than doubles Aritzia's reported fiscal 2026 net revenue of CA$3.7 billion. That figure grew 35% year over year and at a 25% CAGR across four years. The company said in May that this growth pushed it to its fiscal 2027 net revenue target of CA$3.5 billion to CA$3.8 billion one year early.

What drives the growth plan?

The company plans to open 12 to 14 new U.S. stores every year and reposition five to seven existing boutiques annually. Executive Chair Brian Hill said Aritzia will launch a new iteration of its denim line in 2027. The retailer then intends to add handbags, shoes, jewelry, beauty and warm-weather accessories over time.

CEO Jennifer Wong framed the strategy as intensification rather than reinvention.

"The next years [are] about doubling down," Wong told investors and analysts. "Doubling down on what has driven our success and keeping the flywheel turning. The opportunity ahead is significant, and the U.S. remains our primary growth market through fiscal 2032. Our long-term goal goes further, to become world famous."

Aritzia runs roughly 145 stores in North America. Its digital revenue reached about CA$1.3 billion in fiscal 2026, just over a third of total net revenue.

How much can new categories add?

The company said in its Tuesday release that by 2033 product expansion categories "are expected to contribute approximately $1.5 billion in incremental net revenue." Aritzia wants to occupy more of its customers' closet space.

The store count should reach 220 locations by 2032. One of those is likely to be Fred Segal's Los Angeles flagship, a site Aritzia leased when it acquired the brand in February.

Most expansion will happen in the U.S. Karen Janes, executive vice president of real estate, said on the call that by the end of fiscal 2027 the company hopes to enter 19 new markets and grow square footage by approximately 70%, including expansion outside North America.

Aritzia also plans to double its client base over the next five years. It intends to grow digital revenue to between CA$4.1 billion and CA$4.5 billion, a CAGR of about 20%. A loyalty program spanning all channels will partly lead that growth, per the release.

What do analysts make of the targets?

William Blair analysts led by Dylan Carden credited the company's operational discipline in a note. Aritzia "makes large, thoughtful investments in back-end processes and systems to support a larger business, while leaving room to adapt and make mistakes," they wrote.

Carden argued the deeper story is category invention. Aritzia, in his view, "essentially invented" everyday luxury, a term he defined as access to quality materials and production at materially lower prices than brands using similar materials and techniques. "Companies that invent categories tend to be larger, with sustainable growth beyond the more traditional trend cycle," he said.

Carden went further and suggested the plan may understate the opportunity.

"Between the track record, the tangible underpinnings of growth, and a category that the company largely has to itself, we believe not only in the feasibility of the five-year plan, but that it will likely again prove relatively conservative," he said.

For marketers, the plan signals a sustained U.S. retail expansion backed by category launches in denim, accessories and beauty, plus a cross-channel loyalty program designed to convert store growth into a doubled client base.