Crocs first appeared at the 2002 Fort Lauderdale Boat Show, marketed for sailors and water sport enthusiasts. The shoes were considered a fashion faux pas, and Crocs teetered on the brink of bankruptcy in 2009.
However, in recent months the foam clogs have been on the way up thanks to hospital workers and shoppers seeking comfortable footwear during the pandemic. They’ve even gone high fashion through celebrity endorsements and collaborations with the likes of Balenciaga, Post Malone and Justin Bieber.
“Demand for the Crocs brand is stronger than ever with expected 2021 revenue growth of 40% to 50%."
The company’s revenues climbed by 64% in the first quarter, to $460 million, just days after a gold pair of custom Crocs appeared on the Oscars red carpet, worn by Questlove, the awards’ musical director.
“Demand for the Crocs brand is stronger than ever with expected 2021 revenue growth of 40% to 50%,” said Andrew Rees, Crocs chief executive, adding that the company was enjoying growth in all regions, including 26% sales growth in Asia.
Consequently, Crocs raised its profit guidance for 2021.
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