Instagram posts about "join the crocs family"
"Join the crocs family" is the latest trendy expression for enthusiasts to claim to be "in" the hole shoes. This flirtation expresses the loyalty of cave shoe enthusiasts to this item, but also speaks to the long-standing position of cave shoes as a niche category.
But the public is no stranger to crocs shoes. It was a popular item years ago and has retained its own market. Comfortable, lightweight, but ugly, is almost the entire label of hole shoes.
In today's round of discussion about crocs shoes, foot comfort is no longer necessary, aesthetics, fashion, personality is becoming the new key words.
In the post about hole shoes on instagram, there is no shortage of detailed reviews and purchase suggestions for each style of hole shoes, but more or DIY hole shoes from netizens: hole shoes of different styles and colors, with different styles of shoes, so that each pair of hole shoes can become a fashion item to show their personality.
The latest financial report of Crocs also confirms the popularity of hole shoes to a certain extent.
The official earnings report shows that Crocs' revenue in the first quarter of 2023 rose 33.9% year-on-year to $884 million, with the main brand Crocs contributing $649 million, up 19.0% year-on-year. Among them, Crocs brand revenue in Asia Pacific reached $140 million, up 46.1% year-on-year, outpacing the growth rates in North America and EMEALA (Europe, Middle East, Africa and Latin America) regions in the same period. It is worth mentioning that revenues from China grew by more than 110% in the quarter at constant exchange rates.
Thanks to the results of the first quarter of 2023, Crocs has also raised its full-year 2023 earnings forecast, expecting to record total revenues of $3.945-4.045 billion for fiscal year 2023.
This continues Crocs' year-over-year performance since 2018, when revenues were $1.088 billion, $1.231 billion, $1.386 billion, $2.313 billion and a record $3.555 billion, respectively; with the exception of a loss of $69.2 million in 2018, net income attributable to Crocs since then has been $119 million, $313 million, $726 million and $540 million, respectively.
In other words, Crocs has maintained double-digit growth for five consecutive years since 2018, even during the epidemic, and still has the momentum to keep growing.
Behind the climbing performance is a series of transformation initiatives made by Crocs.
Crocs launched its classic cave shoes in 2002 and became popular for its uniqueness of appearance and comfort and practicality. four years later, Crocs went public on NASDAQ, the largest footwear IPO in the U.S. In 2007, Crocs annual sales increased 137% over the previous year to $847 million, making it the nation's star commodity that year.
But only a year later, in 2008, Crocs' product sales began to plummet and it lost money for the first time. To save the performance, Crocs increased its product line from 2008, launching products such as golf shoes and leather boots, while neglecting to invest in the iconic product caveman. Since 2013, Crocs began to expand outward again, reaching more than 600 stores worldwide. These moves repaired Crocs' sales to some extent, with the new category outselling cave shoes proportionally, but also led to high selling and overhead expenses and reduced brand relevance.
In 2014, Crocs launched reforms under new CEO Andrew Rees, with the keyword being making cuts. From 2014 to 2017, Crocs closed loss-making stores, eliminated some employees and product lines, reduced the number of stores worldwide from more than 600 to less than 400, and reduced SKUs by 50%. At the same time, Crocs refocused back on cave shoes, sandals and Chippie Star (shoe flower accessories) to strengthen the brand image tied to cave shoes.
Since 2017, Crocs has also started to collaborate with well-known designers, celebrities, big fashion brands and other crossover brands, and increased its marketing investment to get rid of its long-standing embarrassing position of not being accepted by the fashion industry.
British designer brand Christopher Kane, LVMH's beauty brand Benefit Cosmetics, Paris House, Justin Bieber, KFC, Disney, King's Quest and 7-Eleven have all collaborated with Crocs. in late 2022, Crocs partnered with designer Sale, who has worked on Yeezy, Anta and New Balance and other brands of designers Salehe Bembury cooperation launched "fingerprint hole shoes", the relevant products in the get things platform was once speculated to two or three thousand yuan.
At present, North America is still the main market of Crocs, its revenue accounted for 61% of the overall, Asia is comparable to the EMAALA region, accounting for 19% and 20% respectively. However, "accelerating the layout of the Asian market" is one of the strategic initiatives Crocs has explicitly proposed, and its goal is to achieve a 25% share of sales in Asia by 2026.
Our croc lights are designed to cater to the market of crocs, and at the same time, we have a deeper understanding of the needs of users, so that the sales of our croc lights have increased geometrically, which is also due to our love for life. The new generation of croc lights, not only can be easily used perfectly on crocs, but also adapt to all sneakers with laces, and have made several upgrades on LED lights, compared with the first generation, the irradiation distance has increased by more than two times, so that when consumers use our products, they can not only ensure the safety of walking, but also add more fun to life, which is also the goal and vision of our team.