When Crocs launched a collaboration with Kentucky Fried Chicken this summer, it set off a small social media frenzy among customers who wanted to hoover up a pair of chicken-patterned clogs topped with drumstick-scented charms to pin on them.“Bad news is the KFC x @Crocs are officially sold out,” KFC’s Twitter account announced shortly after the clogs went live. “Good news is you can still buy a real bucket of chicken at KFC. Don’t wear them.” Quick-fingered customers who were able to buy a pair were soon selling them on eBay for $250, a $190 premium on the original price.“Frankly, a little self-deprecation is baked into our DNA,” says Michelle Poole, Crocs’ president who has been at the company since 2014. The brand has also shrewdly leveraged its many celebrity fans. This year, Crocs produced collaborations with Justin Bieber and Bad Bunny, and on December 8, rapper Post Malone will release his fifth collaboration with Crocs—the Post Malone x Crocs Duet Max Clog II, a chunky-soled shoe in pink and black. And, of course, they can be embellished with a Post Malone charm. Ahead of the release, the singer also surprised several thousand fans with giveaways in New York, Los Angeles, Chicago, Dallas, Austin, Salt Lake City, Toronto, London, Sydney, Tokyo, Paris and Berlin. “Giving away 5,000 pairs of shoes is how I’m saying ‘thank you’ to my fans,” Malone said in a statement. “Drop 5 is going to be one my fans remember.”And 2020 may prove to be a year that Crocs remembers for a long time. Though the brand was forced to close many of its retail locations earlier this year due to the pandemic, sales are slated to be higher than ever. Accordingly, Crocs’ stock price has more than quadrupled since March 18. The brand reported a record $362 million in third-quarter revenues and expects to report at least 20% growth in sales in its latest quarter ending December, according to Chief Financial Officer Anne Mehlman. Crocs CEO Andrew Rees ascribes the company’s 2020 success to a defensive and an offensive approach. The defensive strategy, he says, involved canceling inbound production and diversifying the supply chain. The task was easier said than done. The brand’s supply chain was disrupted due to quarantine measures around the world, especially in Vietnam, where a significant portion of its clogs are manufactured. According to Mehlman, a second challenge was how a single component sometimes held up the entire supply chain for the whole shoe. She admits that the simple design of Crocs, which are heavily-molded, helped in not having to deal with a lot of components. Crocs’ playbook was not completely focused on playing defense, especially when it comes to opportunities in China. By the end of April, all Crocs stores and its nearly 350 partner stores in China had reopened. That same month, Crocs livestreamed an event on Alibaba’s Tmall with Chinese actress Yang Mi where she shared tips and tricks on how to style Crocs with different outfits.
All data is taken from the source: http://forbes.com
Article Link: https://www.forbes.com/sites/denizcam...
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