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Forever in Fashion: Crocs continues to Break Records

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Crocs have yet again become trending in fashion – From the Oscar’s to the Love Island fire pit – it has made a pandemic comeback.

On Thursday, sales of $640m (£465m) were reported in the three months to 30 June. The figure nearly doubled in the same period last year

Thus, the trend is in full force, not willing to slow down.The firm raised its revenue stance for the rest of the year.

 As per the company’s boss, there was a strong demand for the shoes globally.

Net income before tax grew to $190.5m between April and the end of June from a previous $54.7m.

 Its chief executive, Andrew Rees, now expects revenue for 2021 to increase by 65%, as compared to an increase of up to 50% that the firm estimated in April.

‘Strong consumer demand’

“We continue to see strong consumer demand for the Crocs brand globally,” Mr Rees said.

People preferred the footwear for its foamy clogs, to pair it with their lockdown outfits. The sales were boosted by the customers staying at home – the Colorado-based firm said on Thursday. 

It also said that digital sales were up 25.4% and make up more than a third of total sales.

But even as restrictions ease, TikTokkers taking part in the #CrocsChallenge and celebrities haven’t put the shoes to the back of the wardrobe yet.

Initially, the shoes were intended for medical professionals, but now they have staged a comeback. And the copy-cat versions have jumped up.

Last month Crocs said it had filed a complaint with the US International Trade Commission (ITC) in a proposal to crack down on companies it says are importing copies from overseas.

Moreover, it filed trademark infringement lawsuits against 21 shops recently, including retail giant Walmart, according to trade publication Footwear news. 

And there are some doubts the firm might not be able to keep up with demand for its collaborations with the likes of singer Justin Bieber and fashion house Balenciaga because of the pandemic.

Mr Rees told journalists on Thursday that its biggest manufacturing site in Vietnam may see temporary closures.

Despite that, he said Crocs is still “incredibly optimistic about our business”.

In a presentation for investors, it said it was counting on sandals and “Jibbitz” shoe charms, which Crocs aficionados can use to customise their shoes, for future growth.

It is also set to focus on celebrity campaigns in Asia, and China in particular, where it sees the “largest long-term growth opportunity”.

 

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