There is a lot of anecdotal evidence to suggest that Crocs were the “it” shoe of the pandemic and now, the Colorado-based label has the receipts.
In the first quarter of this year, Crocs exceeded just about everyone’s expectations, reporting record sales and an increase in its sales outlook for the full year which lead to a 16% stock increase on Tuesday. CNBC reports revenues grew a whopping 64% to $460.1 million from $281.2 million a year earlier, far exceeding predictions. Meanwhile, net income grew to $98.4 million, or $1.47 per share, compared with $11.1 million, or 16 cents per share, a year earlier.
In the last year, Cros have carved out a niche for themselves through celebrity endorsements and collaborations with the likes of Post Malone, Pleasures, Alife, Rico Nasty, and Balenciaga, as well as the Justin Bieber x Crocs Classic Clog, which could very well prove to be the brand’s biggest collab to date.
Crocs senior VP of global product and marketing Michelle Poole told Highsnobiety, “Collaborations are important to our brand, but to work, they have to be meaningful,” she says. “Our clog serves as a blank canvas that can fuel the latest trends or conversations. This is why we think we’re becoming more relevant in the streetwear space.”
On top of that, work-from-home life has made Crocs a go-to for sneakerheads sequestered at home during worldwide lockdowns. But as the world opens back up and we head back outside, CEO Andrew Rees suggests demand for the Crocs brand is “stronger than ever.”