Crocs Sales Skyrocket As Demand Increases
Love them or hate them, crocs are making a comeback to the mainstream. From celebrity collabs, to red carpet debuts (Questlove’s golden Crocs at this year’s Oscars was epic) these foam clogs are everywhere.
Today, Crocs reported record sales in the first three months of the year and raised its revenue outlook for 2021, BBC News reports.
Sales rose 64% to $460 million in the first quarter compared to the same period last year. Pre-tax profit grew to $122.5 million between January and March from a previous $18.7 million. Crocs’ digital sales rose by 75.3% in the first quarter and made up a third of total sales for the period.
Crocs’ chief executive, Andrew Rees, now expects sales for the full year to rise by as much as 50%, compared to an increase of up to 25% the company predicted in February.
Rees said the demand for Crocs is “stronger than ever” across the world. The comfy clogs have been branded by some as the “it-shoe” of the pandemic. In fact, that’s what drew Questlove to them. As he said on Instagram, “I became a believer in quarantine last year when I decided im tired of suffering while stunting. Comfort first at this stage in my life.”
Crocs has collaborated with a number of celebrities, including Post Malone, Justin Bieber, Bad Bunny, and more.
Upcycle designer Nicole McLaughlin partnered with Crocs to construct the Campsite Classic Clog:
The company’s strategy includes social media promotion, with #crocs having gained 1.6 billion views on TikTok, where influencers post videos galavanting around in the shoes or show how their “fit checks” incorporate their footwear.
Cros said it was counting on new products for future growth such as sandals, or their “Jibbitz” shoe charms which fans use to customize their shoes by plugging into the Crocs’ many holes. In addition, Crocs plans to focus their “largest long-term growth opportunity” on celebrity and social campaigns in Asia.