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  • These are Crocs.

  • And a lot of people think they're really ugly.

  • People who love to hate Crocs had cause to celebrate in 2008 when

  • investors were writing the company off as a passing fad.

  • Crocs lost over $185 million that year and cut about 2,000 jobs.

  • The stock plunged to just over $1 a share from a high of about $69 a year

  • earlier. But over the next decade, Crocs would go on to sell over 700

  • million pairs of shoes worldwide.

  • Recently, the clogs have been strutting down runways at luxury fashion

  • shows. Celebrities like Justin Bieber, Ariana Grande and Post Malone are

  • wearing the shoes.

  • It's a top brand among Gen Z, and limited edition Crocs are selling for

  • hundreds of dollars on the resale market.

  • Crocs have become a collector's item.

  • I have two Croc backpacks,

  • 20 pairs of Crocs, five shirts, and my laptop is filled with Crocs

  • stickers. Here's how Crocs came back from the dead and turned a widely

  • mocked shoe into a cultural icon.

  • Crocs start at about $35 and were originally designed as a comfortable

  • shoe for boating. Three friends - Scott Seamans, George Boedecker and

  • Lyndon Hanson - came up with the idea while sailing in the Caribbean.

  • Seamans was wearing a slip and odor resistant clog made by a Canadian

  • company called Foam Creations.

  • Boedecker and Hanson thought they were ugly but were sold on their

  • functionality. They licensed Foam Creations' foam resin technology, called

  • it Croslite and developed the Croc.

  • Crocs later acquired Foam Creations in 2004.

  • The shoes debuted at the 2002 Fort Lauderdale International Boat Show and

  • were an immediate hit.

  • Annual revenue jumped from $24,000 in 2002 to over $108 million in 2005.

  • In 2006, Crocs raised over $200 million in its IPO, the biggest in shoe

  • history. In 2007, Crocs had its most profitable year in business, raking

  • in over $168 million.

  • The stock hit its all time high of about $69 a share.

  • Back then, the brand was incredibly hot.

  • It was growing strong, strong double digits.

  • In some quarters it was growing triple digits.

  • So it was one of the hottest growth stocks.

  • People, people bought into it. I'm about to try Crocs on for the first

  • time in my life, something I've avoided so far because they're so ugly.

  • These are actually so lightweight and comfortable, I feel like I'm not

  • even wearing shoes.

  • It's no wonder parents, kids, hospital and restaurant workers sought them

  • out for their comfort and functionality.

  • But their distinct style evoked strong feelings.

  • The public, it seemed, either loved or hated them.

  • When I first saw Crocs, I actually did vehemently hate them.

  • Like I thought they were just completely ugly.

  • I was like, what excuse does anyone have for wearing these ugly shoes?

  • Tyson-Tshitundo was working on a food truck one summer and their feet were

  • killing them at the end of each day.

  • So they set their pride aside and bought a pair of Crocs.

  • The shoes were so comfortable, they started wearing them to work, class,

  • parties and even the club.

  • I'm here in a pair of Crocs and I'm having a blast because I'm not anxious

  • to go home because my feet hurt.

  • When I show up somewhere in Crocs, it is very evident that I'm not too

  • concerned with any social hierarchy that's going on.

  • This is how I dress.

  • This is what makes me comfortable.

  • And that's all I care about.

  • Because of its vocal community of haters, Crocs have unwittingly become a

  • statement shoe.

  • What the clogs have come to represent has played a large role in the

  • company's success.

  • To Tyson-Tshitundo, wearing crocs is a symbol of embracing their

  • individuality rather than conforming to conventional ideals about fashion

  • and beauty, something they struggled with growing up.

  • It did come from a place of ignorance, my like deep hatred of Crocs,

  • because I was like, they're different and they're ugly.

  • So I hate them. But by 2008, many had condemned Crocs as a passing fad.

  • The company had to somehow convince a wider audience that its shoes

  • weren't just about function, but about fashion and that it's fashionable

  • to put comfort first.

  • But the company took some wrong turns along the way.

  • And by 2008, the bear outlook on Crocs was gaining steam.

  • Back in 2007 and 2008, when the brand had hit its peak, it really was

  • coming off the rails very quickly.

  • It was something that we heard very commonly from investors - that Crocs

  • was a fad and it was a trend.

  • To keep up with demand, the company grew in an unruly fashion.

  • It expanded into too many product lines, distribution channels and markets

  • worldwide. Then came the 2008 recession.

  • The company had expanded into over 5,000 SKUs and was saddled with excess

  • inventory. Crocs of all kinds weren't selling.

  • Crocs lost over $185 million in 2008.

  • The stock sank to just over $1 a share.

  • They grew very fast, but it was not sustainable.

  • They had over two years of inventory that they had to work through.

  • Experts say Crocs fell into a common pitfall for young companies - trying

  • to be all things to all people.

  • Over the next several years, Crocs worked on narrowing its focus.

  • We need to focus from a product perspective, really get focused back on

  • our core molded heritage, get focused on some new key product lines that

  • we're bringing to market. We need to get focused geographically.

  • As you said, we're extended into about 90 countries across the globe.

  • There are five that really matter.

  • The company closed underperforming stores, cleaned up its distribution

  • network, reduced overhead and cut its product offerings by about 80

  • percent. And it doubled down on what the company is known for.

  • Its clog.

  • Crocs staging a huge comeback.

  • Once left for dead, the company famous for its distinct clogs is on fire.

  • So we went back to what we're good at, right?

  • What Crocs is good at is making a super comfortable clog.

  • In 2019, its clogs accounted for more than 60 percent of sales.

  • Those shoes became extremely relevant as consumer preferences were

  • changing. Experts say Crocs helped usher in the athleisure and ugly

  • fashion movements that took off around 2017.

  • Athleisure refers to comfortable clothes worn for exercising and general

  • use. Ugly fashion is all about defying conventional standards of beauty.

  • The ugly fashion trend - that brought in a huge moment for consumers to

  • say, I can decide how it is that I want to pull this outfit together.

  • What is important to me and what I feel good in and how I want to express

  • myself. Crocs doubled down on innovating around the clog, making it a

  • trendy statement shoe that stood for self-expression and individuality.

  • It's this statement of going against the norm.

  • Something that we considered to be solely built around function can

  • actually be transformed

  • into a fashion statement.

  • Crocs took a cue from hypebeast culture and began collaborating with

  • celebrities, designers and other brands to drop limited edition clogs.

  • Since 2017, Crocs has released dozens of limited edition clogs in

  • collaboration with the likes of Balenciaga, Christopher Kane, Kiss, KFC

  • and Peeps. Some of those collaborations have sold out in minutes.

  • Crocs designed by Post Malone are now reselling on StockX for up to

  • $1,000.

  • I'll honestly buy whatever Crocs drops.

  • So they could drop ones that are super ugly and I'll still wait in line

  • and buy them. Because I think it's so fun that you own the pair that nobody

  • else has. Oh I think that they have been adopting strategies like a

  • Supreme, even like a Vans, like a Nike, where it's all about the drop.

  • I mean, it's really a page from the luxury brands right.

  • You want things scarce, you want it unattainable, it creates demand.

  • Crocs achieved record revenues of over $1.23 billion in 2019.

  • The company sold over 67 million shoes worldwide.

  • In December 2019, the stock was up nearly 500 percent since the beginning

  • of 2017.

  • Revenue growth accelerated as collaborations helped to captivate an

  • entirely new generation of customers, many of whom hadn't worn Crocs since

  • they were little kids.

  • Gen Z. They're an incredibly important consumer because they influence

  • people and they bring more people to the brand.

  • Currently, I have about 20 pairs of crocs.

  • I own eight pairs of Crocs.

  • I have 13 pairs of Crocs. I wear my Crocs pretty much everywhere.

  • I wore them to homecoming.

  • Jenna Wilkinson got made fun of for wearing Crocs as a middle school

  • student. By the time she got to high school, Crocs were officially

  • trending. They were a shoe of choice for the VSCO girl look, a comfortable

  • and viral style of dress that took off on the photo editing app, VSCO.

  • In Spring 2020, Crocs has risen to the 12th most popular footwear brand

  • among teens. Crocs attributes some of that success to its removable charms

  • business Jibbitz, which allows consumers to personalize their clogs.

  • Personalization is very, very important.

  • It's a global megatrend, right.

  • So across the globe, the younger consumer wants to be able to turn a

  • generic purchase into a personal purchase and tell a story.

  • In 2020, Crocs is preparing to weather an economic downturn caused by the

  • COVID-19 pandemic.

  • First quarter 2020 revenues were down five percent from the same period in

  • 2019, in light of store closures and reduced sales due to the pandemic.

  • But experts say Crocs is in a much stronger position to weather a

  • recession in 2020 than it was in 2008.

  • The company has over $100 million in cash and a core product that's much

  • more than just a shoe.

These are Crocs.

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Crocs如何成为不太可能的十亿美元的品牌Crocs如何成为不太可能的十亿美元的品牌(How Crocs Became An Unlikely Billion-Dollar Brand)

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    joey joey 發佈於 2021 年 05 月 27 日
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