- Crocs, the foam clogs dubbed one of the “ugliest shoes ever,” saw a recent surge in popularity.
- Revenue increased 64% year-over-year, to $460.1 million.
- Here’s how Crocs rebounded from near bankruptcy in 2009 to become a beloved and polarizing brand.
When Gregg Ribatt took over as Crocs’s CEO in 2014, he made two typical moves in an attempt to revive the Colorado-based company that five years earlier was on the brink of bankruptcy. He hired a new chief marketing officer and an ad agency.
Less expected? He cut half of the company’s products, closed unprofitable brick-and-mortar stores, and adopted a laser focus on one product: the foam clogs known as the “ugliest shoes ever.“
Seven years and another new CEO later – Andrew Rees replaced Ribatt as CEO in 2017 – those strategies have paid off. The company saw a surge in revenue in its first quarter this year, jumping 64% year-over-year, to $460.1 million. Meanwhile, it hit a cultural milestone when musician Questlove sported gold Crocs to the Oscars red carpet this year.
Word abonnee van Business Insider