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Crocs had a great year.
The colorful clog company will see its 2020 revenue jump more than 12% to approximately $1.4 billion: the brand’s best year ever.
Shares jumped more than 12% following the news on Monday, building on a 2020 where the stock had already jumped 50%.
By capitalizing on its comfortable reputation during lockdowns, Crocs was the only top footwear company to gain sales in March and April, according to NPD Group. On resale marketplace GOAT, 2020 Crocs sales increased 23 times over the prior year.
The company has been focused on reinventing itself as “cool” since private equity firm Blackstone invested $200 million for a 13% share of ownership in 2014. Working with influencers is a priority.
2020 Collaborations:
- Post Malone
- Justin Bieber
- Grateful Dead x Chinatown Market
- KFC
- Bad Bunny
The company is now a “top 10 footwear brand for U.S. teens,” according to research firm Piper Sandler.
Beyond new designs, the footwear offers wearers the ability to customize clogs with up to 26 Jibbitz charms. Jibbitz — which Crocs bought for $10 million in 2006 — doubled its revenue in 2020.
There are no plans to slow down, either. Crocs forecasts 20-25% growth in revenue and another record year in 2021.
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