Crocs are like the Uggs of summer. No one actually thinks they look good, but Crocs’ comfort and creativity have driven sales of 600m+ pairs.
The company is now watching double-digit growth, partnerships with A-list celebrities, and the Supreme-ization of its brand take flight.
Crocs was the only major footwear brand to see sales rise last spring…
… piggybacking on the trend of not caring about how legs look on Zoom.
This is per NDP Group, which specified that between March and October, while dress shoe sales sunk 60%, slipper and clogs sales surged 70% and 22% respectively, the latter driven by Crocs.
Crocs’ recent success can be attributed to CEO Andrew Rees
Rees’ strategy to improve manufacturing, close underperforming stores, and make Crocs “cool” again turned the company into one of the world’s largest and fastest-growing athletic footwear brands:
- Q4 2020 revenue was up ~55% to $407m+
- Anticipated 2021 revenue growth is expected to be +20-25%
Revenue from Jibbitz — the $4 insertable charms for Crocs’ 26 holes that parents used to buy for kids but are now worn by the likes of LeBron — doubled in 2020 and could account for 6.5% of revenue in 2022.
Partnerships with celebs and brands like Post Malone, Justin Bieber, Balenciaga, and KFC led to a 750% increase in Crocs sales on StockX, with the shoes selling for 125% over retail.
Crocs stock was up +12% Monday and is valued at $5B+. In the wise words of Post Malone — “Wow.”
