Having revived itself from near death, Crocs has its sights set on becoming a billion-dollar enterprise by releasing an expanded repertoire of products beyond its signature clogs.
In a nutshell, the Crocs story goes a little like this: rainbow-colored rubber gardening clogs become a surprise smash hit, causing the company to greedily expand like wildfire; supply goes way up and demand goes down, and Crocs takes a nosedive. Rather than a crash-and-burn ending however, the company turned itself around by cutting costs, setting higher margins and boosting its wholesale distribution. Losses have decreased and the folks at Crocs seem happy.
So happy, in fact, that the company's setting its sights on the one-billion dollar mark, which it intends to achieve by the addition of the CrocTones toning line, plus more styles and rain boots under $75. Though the brand's blazing ambition seemed to play a role in its prior financial problems, you'd think the label might be more tentative in its expansion efforsts. Slow and steady wins the race, Crocs—even in perforated day-glo rubber footwear.