How Crocs Became An Unlikely Billion-Dollar Brand

CNBC Make It
19 May 202011:16

Summary

TLDRCrocs的故事始于三位朋友的创意,他们将原本为航海设计的舒适鞋转变为全球现象。尽管初期遭遇财务困境和公众审美的质疑,Crocs通过缩减产品线、优化分销网络和强化核心产品,成功转型。借助与名人和品牌的合作,Crocs成为潮流象征,尤其受到Gen Z的欢迎。它的成功证明了即使最初被广泛嘲笑,也能通过坚持和创新成为文化标志。

Takeaways

  • 🥿 Crocs最初被设计为一款舒适的船鞋,由三位朋友在加勒比海航行时构思。
  • 💡 2002年首次亮相后,Crocs迅速走红,年收入从2002年的24,000美元飙升至2005年的超过1.08亿美元。
  • 📉 2008年,Crocs公司遭受重创,亏损超过1.85亿美元,股价从高峰时的每股约69美元跌至仅超过1美元。
  • 🔄 经过十年的发展,Crocs全球销量超过7亿双鞋,成为时尚界的文化标志。
  • 🌟 众多名人如贾斯汀·比伯、爱莉安娜·格兰德和Post Malone等都穿着Crocs,使其成为Z世代的顶级品牌。
  • 🔗 Crocs通过与各种设计师、品牌合作推出限量版洞洞鞋,成功吸引了新一代消费者。
  • 🚀 2019年,Crocs创下了超过12.3亿美元的营收记录,全球销量超过6700万双鞋。
  • 🌐 Crocs专注于核心产品——洞洞鞋,并通过减少产品线和优化分销网络来恢复品牌活力。
  • 🎨 个性化成为Crocs成功的关键因素,其可拆卸的魅力饰品Jibbitz使消费者能够个性化他们的洞洞鞋。
  • 🛒 尽管COVID-19大流行导致2020年第一季度收入下降,但Crocs相较于2008年已处于更有利的位置来应对经济衰退。

Q & A

  • Crocs的起源是什么?

    -Crocs最初是作为一双舒适的船鞋设计的,由Scott Seamans, George Boedecker和Lyndon Hanson三位朋友在加勒比海航行时想到的创意。

  • Crocs在2008年遭遇了哪些挑战?

    -2008年,Crocs亏损超过1.85亿美元,并裁员约2000人。公司股票价格也从一年前的每股约69美元跌至仅超过1美元。

  • Crocs如何扭转了公众对其的看法?

    -Crocs通过与名人、设计师和其他品牌的合作,推出了限量版的洞洞鞋,成功地将品牌转变为代表个性和自我表达的时尚声明。

  • Crocs在2006年的IPO中筹集了多少资金?

    -Crocs在2006年的IPO中筹集了超过2亿美元,这是鞋类历史上最大的IPO。

  • Crocs在2019年的销售额达到了多少?

    -Crocs在2019年实现了超过12.3亿美元的记录性收入,并在全球销售了超过6700万双鞋。

  • Crocs如何重新聚焦其核心产品?

    -Crocs通过关闭表现不佳的商店、清理分销网络、减少开销,并将其产品种类减少约80%,重新聚焦于其知名的洞洞鞋。

  • Crocs的Jibbitz业务是什么?

    -Jibbitz是Crocs的一项可移动饰品业务,允许消费者个性化他们的洞洞鞋。

  • Crocs在2020年如何应对COVID-19疫情带来的经济衰退?

    -尽管2020年第一季度的收入比2019年同期下降了5%,但专家表示,与2008年相比,Crocs拥有超过1亿美元的现金储备,并且其核心产品不仅仅是一双鞋,因此它处于更有利的位置来抵御经济衰退。

  • Crocs的鞋子在哪些消费者群体中特别受欢迎?

    -Crocs的鞋子在Z世代中特别受欢迎,因为他们不仅影响其他人,还为品牌带来了更多的消费者。

  • Crocs的哪些策略帮助它吸引了新一代消费者?

    -Crocs采取了像Supreme、Vans和Nike一样的策略,通过限量发售,创造稀缺性,提高需求。

  • Crocs的哪些产品在2019年占其销售额的大部分?

    -在2019年,Crocs的洞洞鞋占其销售额的60%以上。

  • Crocs的哪些历史事件对其品牌形象产生了重大影响?

    -Crocs在2008年的巨额亏损和股票价格的暴跌,以及随后通过合作和创新重新聚焦核心产品,都对其品牌形象产生了重大影响。

Outlines

00:00

🥿 克罗克斯的逆袭与文化象征

克罗克斯品牌最初因其独特的设计和舒适性受到一些人的嘲笑和质疑。然而,尽管在2008年遭受了巨大的财务损失和股市暴跌,克罗克斯在接下来的十年中成功逆转了局面,全球销量超过7亿双鞋。品牌通过与时尚界的结合、名人效应和对年轻一代的吸引力,成为了文化标志和收藏品。克罗克斯的起源是作为一双舒适的船鞋,由三位朋友在加勒比海航行时构思,他们利用加拿大公司Foam Creations的泡沫树脂技术,开发出了克罗克斯鞋。尽管起初人们对其外观持有负面看法,但克罗克斯凭借其舒适性和实用性赢得了市场,特别是在父母、儿童、医护人员和餐饮业工作者中。

05:01

📈 克罗克斯的起伏与战略调整

克罗克斯在2007和2008年达到顶峰时,品牌迅速扩张,进入了过多的产品线和全球市场,导致库存过剩。2008年的经济衰退进一步加剧了公司的困境,导致巨额亏损和股价暴跌。为了应对这些挑战,克罗克斯开始重新聚焦其核心产品——模具鞋,并减少产品种类和全球扩张范围。公司关闭了表现不佳的门店,清理了分销网络,减少了开销,并专注于其标志性的克罗克斯鞋。这一战略调整帮助公司在2019年实现了超过12亿美元的营收,并引领了休闲运动和“丑时尚”潮流。

10:06

👟 克罗克斯的个性化和市场适应性

克罗克斯通过其可拆卸的魅力饰品Jibbitz,允许消费者个性化他们的洞洞鞋,从而在2020年春季成为青少年中第十二大最受欢迎的鞋类品牌。个性化是全球的一个重要趋势,年轻消费者希望将通用产品转变为个人产品,并讲述自己的故事。面对COVID-19大流行引起的经济衰退,克罗克斯拥有超过1亿美元的现金储备,并且拥有不仅仅是一双鞋的核心产品,这使得公司在2020年比2008年更能抵御经济衰退的影响。

Mindmap

Keywords

💡Crocs

Crocs是一种以舒适性和功能性著称的鞋类品牌,以其独特的洞洞鞋和拖鞋而闻名。在视频中,Crocs经历了从被公众嘲笑到成为时尚潮流的转变,成为了一个文化标志。

💡设计

设计在视频中指的是Crocs鞋类的外观和功能特点的创造过程。Crocs最初是为了划船运动设计的,后来因其舒适性和实用性而受到欢迎。

💡市场定位

市场定位是指企业根据产品特性和市场需求,为产品在市场中找到合适的位置。在视频中,Crocs通过专注于其核心产品——洞洞鞋,并削减了约80%的产品线,成功地重新定位了自己。

💡时尚潮流

时尚潮流是指一段时间内在时尚界流行的风格或趋势。视频中Crocs通过与设计师、名人和其他品牌的合作,成功地将自己转变为一个时尚潮流品牌。

💡消费者偏好

消费者偏好指的是消费者对某种产品或服务的喜好程度。在视频中,随着消费者对运动休闲装和“丑时尚”趋势的偏好改变,Crocs的鞋子变得更加相关和受欢迎。

💡个性化

个性化是指根据个人的喜好和需求来定制产品或服务。在视频中,Crocs通过推出可拆卸的魅力(Jibbitz)业务,允许消费者个性化他们的洞洞鞋,从而满足了消费者对个性化的需求。

💡经济衰退

经济衰退是指一段时间内经济活动普遍下降,通常伴随着失业率上升和消费减少。视频中提到,Crocs在2008年的经济衰退中遭受重创,但在2020年的COVID-19大流行引起的经济衰退中,Crocs处于更有利的位置。

💡品牌合作

品牌合作是指两个或多个品牌为了共同的营销目标而进行的合作。在视频中,Crocs通过与名人、设计师和其他品牌的合作,推出了限量版的洞洞鞋,这些合作帮助Crocs吸引了新一代的消费者。

💡社交媒体

社交媒体是指通过互联网平台让用户之间可以创建、分享或交换信息和观点的媒介。在视频中,社交媒体在Crocs的复兴中扮演了重要角色,特别是在吸引年轻消费者方面。

💡品牌忠诚度

品牌忠诚度是指消费者对特定品牌的持续偏好和支持。在视频中,Crocs通过提供舒适的鞋子和个性化选项,成功地建立了一群忠实的消费者。

💡市场策略

市场策略是指企业为了达到其市场目标而采取的一系列行动计划。在视频中,Crocs通过调整市场策略,如减少产品线、与名人合作和推出限量版产品,成功地转变了自己的品牌形象。

Highlights

Crocs在2008年亏损1.85亿美元,削减了约2000个工作岗位。

Crocs的股票从一年前的最高点每股约69美元跌至仅超过1美元。

在接下来的十年里,Crocs在全球销售了超过7亿双鞋。

Crocs最近在奢侈品时装秀上走秀。

像贾斯汀·比伯、爱莉安娜·格兰德和Post Malone这样的名人都在穿Crocs鞋。

Crocs成为Z世代中的顶级品牌,限量版Crocs在转售市场上售价数百美元。

Crocs已经成为收藏家的物品。

Crocs最初是作为舒适的船鞋设计的,价格大约为35美元。

Crocs的年度收入从2002年的24,000美元增长到2005年的超过1.08亿美元。

2006年,Crocs在IPO中筹集了超过2亿美元,这是鞋类历史上最大的一次。

Crocs在2007年达到了最盈利的一年,收入超过1.68亿美元。

由于Crocs的批评者众多,Crocs无意中成为了一种声明性的鞋子。

Crocs在2008年亏损1.85亿美元,股票跌至仅超过1美元。

Crocs通过减少产品种类、关闭表现不佳的商店、清理分销网络、减少开销,并将产品供应减少了约80%。

Crocs的clog在2019年占总销售额的60%以上。

Crocs通过与名人、设计师和其他品牌的合作,推出了限量版clog。

Crocs在2019年实现了超过12.3亿美元的记录收入,全球销售超过6700万双鞋。

Crocs的可移动饰品业务Jibbitz允许消费者个性化他们的clog,这在青少年中非常流行。

Crocs为2020年的经济衰退做好了准备,拥有超过1亿美元的现金和核心产品。

Transcripts

00:01

These are Crocs.

00:03

And a lot of people think they're really ugly.

00:06

People who love to hate Crocs had cause to celebrate in 2008 when

00:11

investors were writing the company off as a passing fad.

00:15

Crocs lost over $185 million that year and cut about 2,000 jobs.

00:22

The stock plunged to just over $1 a share from a high of about $69 a year

00:28

earlier. But over the next decade, Crocs would go on to sell over 700

00:34

million pairs of shoes worldwide.

00:37

Recently, the clogs have been strutting down runways at luxury fashion

00:41

shows. Celebrities like Justin Bieber, Ariana Grande and Post Malone are

00:46

wearing the shoes.

00:48

It's a top brand among Gen Z, and limited edition Crocs are selling for

00:53

hundreds of dollars on the resale market.

00:56

Crocs have become a collector's item.

00:59

I have two Croc backpacks,

01:01

20 pairs of Crocs, five shirts, and my laptop is filled with Crocs

01:07

stickers. Here's how Crocs came back from the dead and turned a widely

01:13

mocked shoe into a cultural icon.

01:17

Crocs start at about $35 and were originally designed as a comfortable

01:22

shoe for boating. Three friends - Scott Seamans, George Boedecker and

01:26

Lyndon Hanson - came up with the idea while sailing in the Caribbean.

01:31

Seamans was wearing a slip and odor resistant clog made by a Canadian

01:35

company called Foam Creations.

01:38

Boedecker and Hanson thought they were ugly but were sold on their

01:41

functionality. They licensed Foam Creations' foam resin technology, called

01:47

it Croslite and developed the Croc.

01:50

Crocs later acquired Foam Creations in 2004.

01:53

The shoes debuted at the 2002 Fort Lauderdale International Boat Show and

01:58

were an immediate hit.

02:01

Annual revenue jumped from $24,000 in 2002 to over $108 million in 2005.

02:09

In 2006, Crocs raised over $200 million in its IPO, the biggest in shoe

02:15

history. In 2007, Crocs had its most profitable year in business, raking

02:22

in over $168 million.

02:26

The stock hit its all time high of about $69 a share.

02:31

Back then, the brand was incredibly hot.

02:34

It was growing strong, strong double digits.

02:36

In some quarters it was growing triple digits.

02:38

So it was one of the hottest growth stocks.

02:41

People, people bought into it. I'm about to try Crocs on for the first

02:45

time in my life, something I've avoided so far because they're so ugly.

02:56

These are actually so lightweight and comfortable, I feel like I'm not

03:00

even wearing shoes.

03:01

It's no wonder parents, kids, hospital and restaurant workers sought them

03:06

out for their comfort and functionality.

03:09

But their distinct style evoked strong feelings.

03:13

The public, it seemed, either loved or hated them.

03:17

When I first saw Crocs, I actually did vehemently hate them.

03:20

Like I thought they were just completely ugly.

03:23

I was like, what excuse does anyone have for wearing these ugly shoes?

03:27

Tyson-Tshitundo was working on a food truck one summer and their feet were

03:32

killing them at the end of each day.

03:35

So they set their pride aside and bought a pair of Crocs.

03:38

The shoes were so comfortable, they started wearing them to work, class,

03:42

parties and even the club.

03:47

I'm here in a pair of Crocs and I'm having a blast because I'm not anxious

03:50

to go home because my feet hurt.

03:52

When I show up somewhere in Crocs, it is very evident that I'm not too

03:57

concerned with any social hierarchy that's going on.

04:00

This is how I dress.

04:02

This is what makes me comfortable.

04:03

And that's all I care about.

04:06

Because of its vocal community of haters, Crocs have unwittingly become a

04:11

statement shoe.

04:13

What the clogs have come to represent has played a large role in the

04:17

company's success.

04:19

To Tyson-Tshitundo, wearing crocs is a symbol of embracing their

04:23

individuality rather than conforming to conventional ideals about fashion

04:28

and beauty, something they struggled with growing up.

04:32

It did come from a place of ignorance, my like deep hatred of Crocs,

04:36

because I was like, they're different and they're ugly.

04:39

So I hate them. But by 2008, many had condemned Crocs as a passing fad.

04:47

The company had to somehow convince a wider audience that its shoes

04:50

weren't just about function, but about fashion and that it's fashionable

04:55

to put comfort first.

04:57

But the company took some wrong turns along the way.

05:00

And by 2008, the bear outlook on Crocs was gaining steam.

05:05

Back in 2007 and 2008, when the brand had hit its peak, it really was

05:09

coming off the rails very quickly.

05:11

It was something that we heard very commonly from investors - that Crocs

05:15

was a fad and it was a trend.

05:17

To keep up with demand, the company grew in an unruly fashion.

05:22

It expanded into too many product lines, distribution channels and markets

05:27

worldwide. Then came the 2008 recession.

05:31

The company had expanded into over 5,000 SKUs and was saddled with excess

05:36

inventory. Crocs of all kinds weren't selling.

05:41

Crocs lost over $185 million in 2008.

05:46

The stock sank to just over $1 a share.

05:49

They grew very fast, but it was not sustainable.

05:52

They had over two years of inventory that they had to work through.

05:56

Experts say Crocs fell into a common pitfall for young companies - trying

06:01

to be all things to all people.

06:03

Over the next several years, Crocs worked on narrowing its focus.

06:07

We need to focus from a product perspective, really get focused back on

06:11

our core molded heritage, get focused on some new key product lines that

06:15

we're bringing to market. We need to get focused geographically.

06:18

As you said, we're extended into about 90 countries across the globe.

06:22

There are five that really matter.

06:24

The company closed underperforming stores, cleaned up its distribution

06:28

network, reduced overhead and cut its product offerings by about 80

06:33

percent. And it doubled down on what the company is known for.

06:38

Its clog.

06:40

Crocs staging a huge comeback.

06:42

Once left for dead, the company famous for its distinct clogs is on fire.

06:47

So we went back to what we're good at, right?

06:50

What Crocs is good at is making a super comfortable clog.

06:54

In 2019, its clogs accounted for more than 60 percent of sales.

06:59

Those shoes became extremely relevant as consumer preferences were

07:04

changing. Experts say Crocs helped usher in the athleisure and ugly

07:09

fashion movements that took off around 2017.

07:13

Athleisure refers to comfortable clothes worn for exercising and general

07:18

use. Ugly fashion is all about defying conventional standards of beauty.

07:23

The ugly fashion trend - that brought in a huge moment for consumers to

07:27

say, I can decide how it is that I want to pull this outfit together.

07:31

What is important to me and what I feel good in and how I want to express

07:35

myself. Crocs doubled down on innovating around the clog, making it a

07:40

trendy statement shoe that stood for self-expression and individuality.

07:46

It's this statement of going against the norm.

07:49

Something that we considered to be solely built around function can

07:54

actually be transformed

07:56

into a fashion statement.

08:00

Crocs took a cue from hypebeast culture and began collaborating with

08:04

celebrities, designers and other brands to drop limited edition clogs.

08:10

Since 2017, Crocs has released dozens of limited edition clogs in

08:16

collaboration with the likes of Balenciaga, Christopher Kane, Kiss, KFC

08:22

and Peeps. Some of those collaborations have sold out in minutes.

08:27

Crocs designed by Post Malone are now reselling on StockX for up to

08:32

$1,000.

08:34

I'll honestly buy whatever Crocs drops.

08:36

So they could drop ones that are super ugly and I'll still wait in line

08:41

and buy them. Because I think it's so fun that you own the pair that nobody

08:46

else has. Oh I think that they have been adopting strategies like a

08:51

Supreme, even like a Vans, like a Nike, where it's all about the drop.

08:56

I mean, it's really a page from the luxury brands right.

08:58

You want things scarce, you want it unattainable, it creates demand.

09:03

Crocs achieved record revenues of over $1.23 billion in 2019.

09:10

The company sold over 67 million shoes worldwide.

09:14

In December 2019, the stock was up nearly 500 percent since the beginning

09:19

of 2017.

09:22

Revenue growth accelerated as collaborations helped to captivate an

09:26

entirely new generation of customers, many of whom hadn't worn Crocs since

09:31

they were little kids.

09:33

Gen Z. They're an incredibly important consumer because they influence

09:37

people and they bring more people to the brand.

09:39

Currently, I have about 20 pairs of crocs.

09:42

I own eight pairs of Crocs.

09:47

I have 13 pairs of Crocs. I wear my Crocs pretty much everywhere.

09:49

I wore them to homecoming.

09:52

Jenna Wilkinson got made fun of for wearing Crocs as a middle school

09:56

student. By the time she got to high school, Crocs were officially

10:00

trending. They were a shoe of choice for the VSCO girl look, a comfortable

10:05

and viral style of dress that took off on the photo editing app, VSCO.

10:09

In Spring 2020, Crocs has risen to the 12th most popular footwear brand

10:15

among teens. Crocs attributes some of that success to its removable charms

10:20

business Jibbitz, which allows consumers to personalize their clogs.

10:25

Personalization is very, very important.

10:27

It's a global megatrend, right.

10:28

So across the globe, the younger consumer wants to be able to turn a

10:32

generic purchase into a personal purchase and tell a story.

10:35

In 2020, Crocs is preparing to weather an economic downturn caused by the

10:40

COVID-19 pandemic.

10:43

First quarter 2020 revenues were down five percent from the same period in

10:47

2019, in light of store closures and reduced sales due to the pandemic.

10:53

But experts say Crocs is in a much stronger position to weather a

10:57

recession in 2020 than it was in 2008.

11:02

The company has over $100 million in cash and a core product that's much

11:08

more than just a shoe.

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