It might soon be time to say bye bye to Crocs, as their stock plummeted 30 percent last Friday (Aug. 8).
Experts are predicting the end of the “ugly shoe” trend in America.
This all comes as Crocs had promised growth in Q3.
On the contrary, Business of Fashion reports they’ll actually be looking at a revenue loss of 9 to 11 percent.
The stock drop was the largest one-day stock dip in the company’s history (2011). Andrew Rees, the chief executive, believes Americans are being “super cautious; they’re not purchasing, they’re not even going to the stores, and we see traffic down.”
Rees says that the swift decrease in revenue and orders, both from consumers and retailers is “concerning.”
Depending on what kind of investor you are, this might be the time to either load up on Crocs stock.
The thing about Crocs that originally made them popular was the ability to wear them around water — they’re great for lounging by the pool or a trip to the beach. Plus, the holes let your feet breathe.
But by the peak of the pandemic, people were wearing them everywhere — they wanted to be comfortable — but at church, for crying out loud?!
Crocs always have and continue to do a fantastic job with their marketing and collaborations. They align themselves with other brands and put out limited-edition shoes, which make them desirable.
Check out the most recent, a collaboration with Krispy Kreme doughnuts.
What will happen to the “ugly shoe” trend? Will Crocs ultimately become taboo? Only time will tell, but even brand executives don’t sound very hopeful.
How Many Different Kinds of Crocs Are There?
According to Crocs, there are around 120 different styles of Crocs shoes.
The brand also does a lot of collaborations with other brands to try to align themselves with today’s social media audience.
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