Crocs is a thriving Belieber thanks to celebrity-studded collabs
I'm a croc-star, not a doctor... Crocs has evolved from "the ugly shoe" company to the celebrity shoe company. Since 2018, Crocs has collabed with stars like Post Malone, Luke Combs, and Korean rapper Psy (Gangnam Style). The KFC x Crocs partnership proved that the biggest star of all is a fried chicken wing. Now, Crocs is sticking even more celeb charms in its clog holes:
- Justin Bieber: Bieber's yellow clogs reportedly crashed the Crocs site when they dropped (still sold out). Crocs stock jumped 11% when Biebs teased the collab on IG.
- Bad Bunny: The Puerto Rican rapper's $60 glow-in-the-dark Crocs sold out in less than 30 minutes. He Like It Like That.
Ariana, Selena, my Visa... These Bieber-faced collabs have paid off. Last quarter, Crocs' sales rose 16% from last year to a record $362M, and profit nearly doubled. The greatest growth was in the Americas — but sales also spiked in Europe, the Croc-shaming capital of the world.
Functional is the new fashionable... during this COVID anti-fashion moment. From bulky sweats to fuzzy socks, whatever's comfy for Zoom'ing and grabbing the mail wins. That's why Crocs sales are up 48% this year, while US footwear sales are down 20%, according to a research analyst. Crocs stock (fun to say) has nearly 5X'd in value since the market tanked in March. As far as we know, it's the only pure-play ugly shoe stock.