Canada Goose Inc. said it will cut about 17% of its global corporate workforce, the luxury jacket maker said on Tuesday, as part of efforts to curb costs amid continued pressure on U.S. demand for luxury goods.

The layoffs represent about 156 jobs. Its annual report showed the company's corporate offices employed 915 workers as of April 2, 2023.

The company's shares dropped about 3%, having fallen by nearly 34% over the past 12 months.

Companies ranging from major tech firms and banks to retailers and packaged food makers began 2024 with layoffs, adding to the wave of job cuts seen last year.

MAC lipstick maker Estee Lauder EL.N, denim maker Levi Strauss & Co, and sportswear giant Nike NKE.N were among major retailers announcing layoffs in recent months.

Canada Goose also said Carrie Baker, head of branding and commercial affairs, will expand her role to oversee design, while Daniel Binder, chief transformation officer, will take on an additional responsibility of overseeing global stores.

CEO Dani Reiss said in a statement: “Today, we are reorganizing our teams to ensure that the company’s resources are fit for purpose to support the next phase of growth across geographies, categories, and channels.”

Canada Goose recorded a 14% drop in quarterly revenue from North America in February, affected by weakening luxury goods demand in the United States.

The company warned that China, a key market, is not immune to the soft global macro environment.