Much to the chagrin of healthcare workers, irony lovers, and Victoria Beckham, Crocs are mainstream now. Collaborations with the likes of Balenciaga, Justin Bieber, and Bad Bunny have skyrocketed the slipper brand to success — so much so that Crocs reported a second quarter revenue of $641 million, a 93 percent increase in comparison to 2020. Additionally, the company shared diluted earnings per share of $4.93, a whopping increase from the $1.47 per share it reported last quarter.
“We continue to see strong consumer demand for the Crocs brand globally. On the back of record second quarter results and continued momentum, we are raising our full year 2021 guidance,” said Andrew Rees, Crocs CEO in a statement. He later said in a presentation for investors that the company was counting on sandal and Jibbitz shoe charms to help with future growth, which Crocs forecast will raise revenue by 65 percent.
With fame comes (mis)fortune— The slipper brand has already started to market its sandal model and Jibbitz charms through its latest collaboration with DJ Diplo. The partnership, which saw Crocs’ classic clog and its new two-strap sandal dressed in a paint swirl pattern, included glow-in-the-dark 3-D mushroom Jibbitz that made the rubber shoes irresistible to fans.
But Crocs’ newfound demand doesn’t come without consequences: An online queue to shop Diplo’s collaboration crashed multiple times, allowing some consumers to buy multiple pairs of the limited edition shoe and leaving others with nothing, even after a three hour wait. And like any item that has been labeled “hype,” the rubber clogs were listed on resale sites to cash in on demand — well over double their $70 retail price.
There’s been such insatiable demand for Crocs that the company has sued two dozen companies, including Skechers and Loeffler Randall, for selling copycat versions of its popular clog. Crocs’ competitors — or rather, would-be competitors — are quickly learning that while Crocs may offer fun footwear alternatives, the brand means business when it comes to defending its namesake shoes.
Crocs may be the new SNKRS — While the demand for Crocs only rises, the brand must protect its stock, meaning that drops of its rubber clogs could soon look similar to one of a Nike Dunk or Yeezy slide. To combat the streetwear hype, Crocs may utilize more virtual lines or opt for lottery-based draws — and momentarily, we could be watching hypebeasts fight over Jibbitz on StockX. Has the streetwear world really come to this?