Like It or Not, Crocs Are Cool Again
The quirky-but-comfortable clogs gained popularity during the pandemic. Now, smart marketing has made them a fashion statement.
Ruby slippers have nothing on these golden Crocs.
Photographer: Chris Pizzello-Pool/Getty Images
In case you missed it, Crocs are cool again. First, Questlove wore a shimmery gold pair of its foam clogs on the Oscars red carpet, an event that is the height of Hollywood glamour. Then on Tuesday, the company reported a blockbuster 64% increase in first-quarter sales from a year earlier, helping its shares soar to an all-time high on Wednesday.
It’s tempting to conclude that Crocs Inc. is merely riding the wave of comfort dressing that was brought on by months of stay-at-home living. In 2020, when U.S. fashion footwear sales slumped 27% fom a year earlier amid the retreat indoors, sales of clogs surged 33% as shoppers splurged on all things cozy and casual, NPD Group data shows. But there appears to be more to it.
Crocs’ guidance calls for a revenue increase in 2021 of 40% to 50%, indicating it is poised to deliver substantial growth on top of last year’s booming sales even as people dress up to return to offices and parties. That’s an indication of something that’s been readily apparent to fashionistas for some time: Crocs has quietly succeeded in making itself an “it” shoe brand.