For many consumers, wearing a pair of crocs is no longer an issue.
Whether it was the pandemic forcing people to re-think what’s really important, or a gradual acceptance of the ultra-leisure shoes, sales are skyrocketing.
Even the Oscars were not exempt. The show’s musical director Questlove rocked a pair of gold crocs for the event.
On Tuesday, the company reported record sales for the first quarter of 2021 and sees bigger things coming.
The movement gained momentum toward the end of last year, with CEO Andrew Rees saying early in January: “Amidst a global pandemic in 2020, we will deliver the strongest revenue in Crocs’ history, our brand momentum is exceptional, and we anticipate another record year in 2021.”
That statement from the annual ICR investor conference, pointed to the obvious.
“We definitely benefited from consumer casualization,” Rees said.
First quarter sales supported Rees, rising 64% year over year — to $460 million — and pre-tax profit grew to $122.5 million during that time, toppling the $18.7 million comparison last year.
Crocs had been ramping up its visibility before COVID-19, too.
In 2018, an agreement with musician Post Malone had him design his own shoe, and deals with Justin Bieber and Latin pop-star Bad Bunny kept the wave coming.
A BBC story reports those latter two versions “sold out in minutes.”
The bright future includes growing its social media presence — with #crocs having gained 1.6 billion views on TikTok.
In January, Rees made a key point, too, when discussing influence. If men see that women think they’re OK to wear, then there’s your green light
“They were younger, predominantly female consumers,” he said. “This was a big driver of growth … . As the year progressed, it broadened to new younger male consumers.”
Add comment