Crocs' Collaboration Strategy Pays Off as Revenues Rise 15%
The news comes after a string of high-profile releases.
It’s been a big year for Crocs, and the footwear label’s Quarter Three financial report shows it’s been a profitable year as well. Over the course of the quarter, Crocs revenue was up to $361.7 million USD, representing a 15.7% increase. The growth comes from strong performances in all three channels, including an 80.7% increase in operating income and expanded operating margins.
Additionally, Crocs reported that e-commerce revenues were up by 36.3%, while wholesale had grown by 12.4% and retail was up by 8.9%. Speaking about the figures, Crocs CEO Andrew Rees said, “We achieved record third quarter revenue and EPS despite the challenges presented by the global Covid-19 pandemic.”
The period covered by this report included a string of Crocs collaborations. In August, the brand released a three-way project with Grateful Dead and Chinatown Market, while September featured the arrival of collaborations with PLEASURES and Bad Bunny. Quarter 4 could also boast a good performance with the arrival of Justin Bieber’s work with the brand, which has already seen stock prices climb 11%.
Crocs is also about to celebrate its annual Crocs Day. Marking the occasion, we asked the brand what makes it so polarizing.
