COVID-19: Crocs sales sky rocket after pandemic popularity and celebrity collaborations | Business News

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Shoe company Crocs has reported a record first quarter in sales, with the share price increasing by 11% on 27 April.

The company’s chief executive Andrew Rees said demand for the Crocs brand is “stronger than ever” across the world.


Sales rose 64% to $460m (£331m) in the first quarter compared to the same period last year.

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Sales for Crocs skyrocketed during the pandemic, with the company helped by celebrity collaborations

Pre-tax profit also increased to $122.5m between January and March 2021, from Crocs’ previous profit figure of $18.7m.

Mr Rees now expects sales for the full year to double, compared to a predicted increase of 25% in February.

The shoe has been branded the “it shoe” by some people during the pandemic, with people turning to Crocs’ unique shoe for comfy footwear to wear during lockdown.

The US-headquartered brand has boosted its popularity by entering into several celebrity partnerships.

Most recently, Justin Bieber teamed up with Crocs to release a customisable shoe, with Drew House socks and “Jibbitz” shoe charms available.

The collaboration with Bieber sold out in minutes.

Crocs has previously teamed up with rapper Post Malone, Priyanka Chopra and Latin pop star Bad Bunny.

People wore the customisable shoe during a protest against the police after 16-year-old Ma'Khia Bryant was shot in Ohio on 24 April. It was part of the "Show Your Crocs for Ma'Khia Bryant" demonstration
Image:
People wore the customisable shoe during a protest against the police after 16-year-old Ma’Khia Bryant was shot in Ohio on 24 April. It was part of the ‘Show Your Crocs for Ma’Khia Bryant’ demonstration

Crocs’ focus has been on growing digital sales, which increased by 75.3% in the first quarter and made up a third of total sales.

The company has increased its social media strategy, with its TikTok account gaining almost 400,000 followers.

Crocs will now focus on strengthening its growth, counting on the sales of new products and Jibbitz.


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