Lululemon (NASDAQ: LULU), the popular Vancouver-based athletic apparel company, has announced plans to extend its headquarters in Vancouver, creating 2,600 jobs within the next five years.
There is just one catch, though: the expansion will only be made possible after the Liberal government allowed the apparel maker to forego a labour market impact statement and go ahead with hiring foreign workers for a number of highly skilled positions.
Lululemon’s new Vancouver job openings will be filled by managers, computer technicians, and software engineers, and according to Federal Innovation Minister François-Philippe Champagne, the company might have relocated its headquarters had Ottawa not granted the easier route.
The expansion reflects Lululemon’s confidence in the government’s decision, as demonstrated by CEO Calvin McDonald, who confirmed that an additional 125,000 square feet of office space has been procured in downtown Vancouver. Labour market impact assessments are typically used to assess the necessity of hiring foreign employees when there’s a shortage of local workers or permanent residents to fill a role.
Echoing this sentiment, Immigration Minister Sean Fraser noted that relying solely on a domestic labour force wouldn’t meet Canada’s economic needs, emphasizing the global competition for talent.
Information for this briefing was found via the Canadian Press. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
