Crocs, once a novelty item, had higher sales than Converse this quarter.
Five or so years ago, Crocs had a reputation in the US of being footwear for chefs, healthcare workers, and kids—groups who are on their feet all day, often in messy situations, with more pressing concerns than how they look. At the time, previously “uncool” shoes such as Birkenstocks were gaining ground in fashion, but Crocs were generally left out of the running, allowing Scottish designer Christopher Kane to shock critics by sending embellished Crocs down the runway.
That has all changed. In the span of a few years, Crocs have gone from reviled to subversively cool to mainstream. Today it’s routine to see teens casually wearing Crocs out and adults throwing them on to run errands. In the three months ended June 30, the company generated $641 million in sales, more than the $596 million Nike-owned Converse brought in during its most recent quarter. While Crocs sells other footwear such as sandals, its bulbous foam-cushioned clogs are still the bulk of its business.
The result blew past analysts’ predictions and set another record for Crocs, which has seen its sales rise fast this year. In the Americas, its largest market, sales more than doubled this quarter compared to the same period last year. Globally, Crocs’ sales grew 93%, and for the whole of 2021, Crocs now expects sales to be between 60% and 65% higher than in 2020.
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