Aritzia Plans to Double Revenue to CA$10.5 Billion by 2032

Aritzia has set a fiscal 2032 net revenue target of CA$9.5 billion to CA$10.5 billion ($6.8 billion and up at press time), more than double its fiscal 2026 net revenue of CA$3.7 billion. The Canadian fashion retailer laid out the five-year plan at a Tuesday investor day, pairing the revenue goal with 21% adjusted EBITDA and a 15% to 17% compound annual growth rate.

The plan calls for 12 to 14 new U.S. store openings annually, repositioning five to seven existing boutiques each year and a broad product expansion. Executive Chair Brian Hill said Aritzia will launch a new iteration of its denim line in 2027 and eventually add handbags, shoes, jewelry, beauty and warm-weather accessories.

CEO Jennifer Wong told investors and analysts the targets stretch beyond the bottom line. "The next years [are] about doubling down," she said. "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."

What does the growth track record look like?

Aritzia enters the plan with momentum. Fiscal 2026 net revenue of CA$3.7 billion grew 35% year over year and posted a 25% CAGR over four years. In May, the company said that growth carried it to its fiscal 2027 net revenue target of CA$3.5 billion to CA$3.8 billion one year early.

The retailer operates roughly 145 stores in North America and generated about CA$1.3 billion in digital revenue in fiscal 2026, just over a third of net revenue. By 2032, Aritzia wants 220 locations. One will likely be Fred Segal's Los Angeles flagship, which Aritzia leased when it acquired the brand in February.

Where will the new stores go?

Most expansion will happen in the U.S., but not all of it. Karen Janes, executive vice president of real estate, said on the call that by the end of fiscal 2027 the company plans 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 and grow its digital channel to between CA$4.1 billion and CA$4.5 billion over five years, a CAGR of about 20%. A loyalty program spanning all channels will help drive that growth, according to the company's release.

New categories carry a specific revenue assignment. Aritzia said in the release that by 2032, product expansion categories "are expected to contribute approximately $1.5 billion in incremental net revenue."

What do analysts expect?

William Blair analysts, led by Dylan Carden, credited the company's infrastructure discipline. 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 in a note.

Carden argued the bigger story is category ownership. "Another thing at risk of being missed here is that larger scale is, in our view, available to the company, having essentially invented a new category, everyday luxury," he said, describing Aritzia's access to quality materials and production at materially lower price points than brands using similar materials and techniques. "Companies that invent categories tend to be larger, with sustainable growth beyond the more traditional trend cycle."

Carden added that Aritzia might even be low-balling its own outlook. "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 retail and marketing practitioners, the plan signals a loyalty-driven, omnichannel push from a retailer that reached its last revenue target a year ahead of schedule — and is betting its new categories can add CA$1.5 billion on top of a doubling store fleet.