Aritzia's Five-Year Plan Aims to Roughly Double Revenue by Fiscal 2032

Aritzia Inc. wants to roughly double its revenue within five years. At an investor day at its Support Office in New York on October 27, 2026, the Vancouver-founded clothing company, which describes itself as a design house selling online, on its app and in its boutiques, set a target of C$9.5 billion to C$10.5 billion in net revenue for fiscal 2032. Its outlook for fiscal 2027 is C$4.78 billion to C$4.88 billion.

The company put the growth rate at 15 to 17 per cent a year, compounded from its fiscal 2027 outlook. Adjusted EBITDA is targeted at 21 per cent of net revenue by fiscal 2032, about one percentage point above this year's outlook of roughly 20 per cent. Aritzia also said earnings per share should grow faster than revenue. The company's own buying shows where its shares have recently traded: the 654,038 subordinate voting shares it repurchased between August 31 and October 7, 2026 cost C$80.0 million, an average of about C$122 a share.

The 2022 plan's revenue goal was reached a year early

The new targets follow a plan that ran ahead of schedule. At its first investor day in October 2022, Aritzia set a goal of C$3.5 billion to C$3.8 billion of net revenue in fiscal 2027, growth of 15 to 17 per cent a year by the company's own calculation, according to its October 27, 2022 release. Net revenue in fiscal 2026, the year to March 1, 2026, was C$3.70 billion, according to its May 7, 2026 annual results, inside that range a year before the deadline. Maple covered that milestone in Vancouver's Aritzia Reached Its 2027 Revenue Goal a Year Early.

The 2022 plan also called for 8 to 10 new boutiques a year and an adjusted EBITDA margin of about 19 per cent in fiscal 2027. The company now expects 12 to 13 openings this year and a margin of about 20 per cent.

The new plan keeps the same 15 to 17 per cent growth rate, now compounded from the fiscal 2027 outlook of C$4.78 billion to C$4.88 billion. The United States produced C$2.28 billion of fiscal 2026 net revenue, more than half of the total.

The four levers behind the fiscal 2032 target

Aritzia named four "strategic levers" in its release: increased brand awareness, geographic expansion, sustained digital growth and product expansion. Three of them come with a figure; the release gives none for brand awareness.

• Geographic expansion: boutiques. The company has more than 145 boutiques across North America and plans 220 by fiscal 2032. It expects to open 12 to 14 new boutiques a year, all in the United States, and to reposition 5 to 7 existing ones a year. Retail square footage is planned to grow at a mid-teens rate a year.
• Digital. North American digital net revenue is targeted at about C$4.1 billion to C$4.5 billion in fiscal 2032, growth of about 20 per cent a year. Aritzia plans to introduce a loyalty experience to support it.
• New products. Product expansion is meant to add about C$1.5 billion of net revenue by fiscal 2032.
• Geographic expansion: outside North America. International expansion is meant to contribute up to C$500 million of net revenue by fiscal 2032. The release describes it as the start of a longer ambition, in chief executive Jennifer Wong's words, of "becoming famous around the world."

The company also expects its client base to roughly double over the period.

How the United States became the main market

The plan builds on a business that has already shifted south. In the second quarter of fiscal 2027, the 13 weeks to August 30, 2026, Aritzia reported net revenue of C$1,169.8 million, up 44.1 per cent from a year earlier. In that quarter, the company said, United States net revenue was C$779.4 million, up 60.3 per cent and about two-thirds of the total. Canada contributed C$390.4 million, up 19.8 per cent.

Digital net revenue in the quarter to August 30, 2026 rose 67.7 per cent to C$402.9 million, the company reported, and comparable sales grew 34.5 per cent. Aritzia ended the quarter with 146 boutiques, not counting four Reigning Champ boutiques, and plans 12 to 13 openings in fiscal 2027, 11 to 12 of them in the United States.

Wong said the United States business "will remain our primary growth market through Fiscal 2032, with substantial runway still ahead." The release places all 12 to 14 annual openings in the United States and does not say which markets outside North America come first or how they will be served.

What the plan says about margins and cash

The 21 per cent adjusted EBITDA target compares with 17.8 per cent in fiscal 2026, as given in the October 27 release, and an outlook of about 20 per cent for fiscal 2027. In the second quarter, the adjusted EBITDA margin was 21.0 per cent on C$246.2 million, a figure that excludes the tariff refunds described below. The May 7, 2026 annual release had reported 17.5 per cent for fiscal 2026; from the first quarter of fiscal 2027 the company adjusts EBITDA for foreign exchange gains or losses on intercompany balances, its October 8 release said.

The second-quarter gross margin included tariff refunds, which the company recorded as a recovery of tariff refund claims and excludes from its adjusted figures. Reported gross margin was 57.1 per cent, including C$97.4 million of tariff refunds. Excluding them, the adjusted figure was 48.7 per cent. The fiscal 2027 outlook does not include any benefit from tariff refunds, the October 8 release said. Maple looked at that refund in C$97 Million of Tariff Refunds Sit Inside Aritzia's Record Margin.

On spending, the plan sets capital expenditures, net of lease incentives, at about C$2 billion from fiscal 2028 to fiscal 2032. Over the same five years, the release said, Aritzia plans about C$2 billion of share repurchases, returning half of its free cash flow to shareholders. It has been buying back shares already: 1,477,300 subordinate voting shares for C$191.6 million in the first half of fiscal 2027, and a further 654,038 for C$80.0 million between August 31 and October 7, 2026. It held C$528.1 million of cash and cash equivalents at August 30, 2026.

Where Aritzia stands today against the fiscal 2032 targets

What the targets assume

The targets rest on stated assumptions. Aritzia used an exchange rate of 1.36 Canadian dollars per U.S. dollar for fiscal 2028 to fiscal 2032, which matters because most of its revenue is earned in U.S. dollars and reported in Canadian dollars. It assumed tax rates in line with its history and listed new distribution centres and retrofits of existing ones among its plans. The release presents all of it as forward-looking information, subject to risks it lists, among them economic and geopolitical conditions, discretionary consumer spending, new or changed tariffs and trade restrictions, and foreign exchange and interest rate movements.

Those risks carry weight here. The tariff refunds show Aritzia paid duties on goods it imports into the United States, and that market now produces most of its revenue. A 44.1 per cent second quarter raises the fiscal 2027 base the plan compounds from, and the plan adds work the company has not done at this scale before: new product categories, a loyalty programme and its first markets outside North America.

The first check on the plan comes with Aritzia's third-quarter results for fiscal 2027, which will show whether the fiscal 2027 outlook, the base for every growth rate in the plan, holds.

Aritzia at a glance: the common questions

What is Aritzia's revenue target for 2032? C$9.5 billion to C$10.5 billion in net revenue in fiscal 2032, set out on October 27, 2026. That is growth of 15 to 17 per cent a year from its fiscal 2027 outlook of C$4.78 billion to C$4.88 billion.

How many Aritzia boutiques are there? Aritzia had 146 boutiques at August 30, 2026, and describes itself as having more than 145 across North America. It plans 220 by fiscal 2032.

Where is Aritzia expanding? Mainly in the United States, where all 12 to 14 new boutiques a year are planned, and online. It also plans its first expansion beyond Canada and the United States, with up to C$500 million of revenue from it by fiscal 2032.

Where is Aritzia based, and where does it trade? Aritzia was founded in Vancouver in 1984. Its subordinate voting shares trade on the Toronto Stock Exchange under the symbol ATZ.