Its IPO marked the second-biggest IPO of 2017, and Cramer said there's much more in store for the company than expensive winter wear. It is a surprise success for retail as others in the sector struggle with the growth of e-commerce.
Canada Goose makes high-end outerwear, most notably the ubiquitous winter coats with red-and-white patches, which can cost up to $1,500 apiece.
"The truth is Canada Goose has a lot going for it," the "Mad Money" host said, pointing to the company's reputable brand, commitment to quality, and various growth opportunities.
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"The company has been expanding from just a wholesaler that supplies various retailers worldwide, to having a direct-to-consumer business where they use the web to cut out the middleman and sell to individuals," Cramer said.
He added that the company has an iron grip on its product supply, which allows it to maintain its high prices.
All of this helped Canada Goose's sales jump 41 percent in the last nine months, even during the unusually warm weather. Its gross margin also shot up by over 50 percent during its 2017 fiscal year.
"Combine all this info … and you've got a company with accelerating revenue growth, rising margins, and genuine profitability, a powerful winning combination that we rarely see among new IPOs. If Canada Goose can keep executing like this then I wouldn't be at all surprised if the stock ends up having much more upside," Cramer said.
And Canada Goose still has a few tricks up its sleeve that should help it continue to grow, Cramer said. There's still plenty of room for it to expand globally and increase its market share, and the company has plans to add fall and spring jackets, footwear, travel accessories, and bedding to its product mix.
Cramer's big concerns were that private equity giant Bain Capital owns 57 percent of the outerwear maker, which could threaten its share price in the future if Bain decides to eventually unload its stake, and that the jackets have gone mainstream, so some markets, like New York's, feel saturated.
Still, he's optimistic. "Despite its high price tag, I think Canada Goose has a compelling story with an amazing product and some terrific accelerating revenue growth," Cramer said.
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