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Crocs are cool again. But the footwear company's comeback story is more than just a fashion statement.
The iconic clog was a staple of early 2000s fashion. However, the brand's profitability eroded in the years following the Great Recession as it struggled to expand internationally. From 2008 to 2016, there were four years where the company's operating margin was negative, according to data from FactSet.
Crocs CEO Andrew Rees took the helm of Crocs in 2017 and spearheaded its turnaround strategy.
"When I joined the company, we refreshed the management team, we refreshed the strategy, and that was really all about getting to profitability. But also putting the right level of marketing and product innovation into the product so that we could create incremental demand," said Rees.
Crocs partnered with brands ranging from Balenciaga to Pixar, and celebrities like Justin Bieber and Post Malone, to create limited edition releases. The pandemic also created demand for comfortable footwear among consumers who were stuck at home along with frontline medical professionals.
From 2020 to 2021, the brand grew its revenue from around $1.4 billion to about $2.3 billion. Profitability soared too, as Crocs' operating margin jumped from 17.2% to 29.8% during the…