Crocs Aims to Generate Over $5 Billion in Sales by 2026
Written by SOURCE on September 15, 2021
Crocs is keeping its sensible clogs firmly on the gas pedal.
The footwear company experienced an unlikely comeback last year, thanks in large part to celebrity co-signs and partnerships with everyone from Nicki Minaj and Post Malone to Pharrell and Bad Bunny to Justin Bieber and Questlove. Crocs CEO Andrew Rees confirmed the company had tallied about $640 million in sales during the second quarter in 2021, a jaw-dropping increase from the $57 million earned during the same timeframe in 2020.
Although the figures are impressive, Crocs refuses to rest on its laurels. According to Footwear News, the company is looking to rack in more than $5 billion in sales by 2026. Crocs CEO Andrew Rees said he and his team have created a five-year plan to achieve the lofty goal, placing an emphasis on digital sales, market share in sandals, capturing growth in Asia, as well as product and marketing innovation.
“We are incredibly proud of the track record of growth and shareholder value creation since we first embarked on the turnaround of the Crocs brand in 2014,” Rees said in a statement released in conjunction with Croc’s investor day. “Looking forward, we expect the Crocs brand to grow to over $5 billion in sales by 2026. We are confident in our ability to deliver this growth while maintaining industry-leading profitability, creating significant shareholder value, and having a positive impact on our planet and our communities.”
Crocs will also expand its commitment to sustainability with the newly announced Croslite—a bio-based material that will be added to its existing product line.
“At Crocs, we recognize the important role companies play in creating a world where everyone is comfortable in their own shoes,” Rees said in a press release. “By starting with our iconic product, backed by a first-to-market solution, we’re taking a bold step forward to create lower carbon footprint footwear while making it inherently simple for our partners and consumers to join us on our journey to net zero.”
