Crocs get the last laugh with swing to popularity
The Future. For those that haven’t been paying attention, Crocs (yes, Crocs) are now cool. Between successful collaborations with musicians like Bad Bunny and becoming a poster child for a comfort-first fashion movement, the clogs brand saw its business explode in growth last quarter. With work from home options staying around, Crocs probably will too.
How did Crocs become cool? Gen Z and TikTok.
- It won over Gen Z through successful collabs with celebrities like Justin Bieber, Bad Bunny, and Post Malone.
- It conquered TikTok through smaller, viral dance challenges (“OH NA NA NA”) and longer campaigns such as #StrapBack.
- The #StrapBack campaign generated 7.2 billion views.
Crocs raked in $411.5 million in revenue last quarter — a 56.5% increase compared to the same time last year.
A step ahead of their time
Last quarter’s numbers were a major improvement from Croc’s early years, which saw the clog brand become the subject of ridicule.
- In 2008, Crocs suffered a $185 million loss.
- Shareholders sued, believing that the company would be unable to pay off its huge debts.
Crocs started to bounce back after a CEO change and a business overhaul at the turn of the last decade, staying alive long enough to reinvent itself as the cool kid.