Hole shoe leader: Crocs, Inc. (CROX) (1999)

Crocs, Inc. (NASDAQ: CROX) was founded in 1999 and is headquartered in Niwot, Colorado, USA, with 3,803 full-time employees. It is a manufacturer of plastic footwear and related accessories (the most famous is hole shoes, commonly known as Crocodile shoes), the Crocs™ brand men’s and women’s shoes and children’s shoes are soft, lightweight, non-slip and deodorant.

Crocs Logo

Crocs, Inc. (CROX):

Karrochi mainly produces CROCS sports and leisure sandals with the same name as the company, as well as sunglasses, T-shirts, socks and other clothing and outdoor products.

In 2002, the three founders of Karrochi noticed that the special material clogs produced by Canadian Foamcreations Company had good anti-slip properties and were very comfortable to wear. After making certain modifications on the original basis, they designed a shoe originally prepared for rowing. The shape of this kind of shoes is very similar to slippers, the upper is covered with holes, and there is a slip-resistant and rotatable strap. At Fort Lauderdale International in 2002, CROCS received great attention. In 2004, CROCS bought a patented Canadian company and named the material Croslite Plastic. This material is a plastic with enclosed air bubbles that can automatically deform under the action of body temperature to adapt to the shape of the foot. The names of Crocos and its main products are CROCS, which means Crocodile. Because the crocodile is a strong reptile without natural enemies, this is very close to the company’s product positioning. However, the company also had a dispute with the French crocodile company, which is also in the apparel industry.

CROCS shoes were originally only prepared for rowing sports, because of their excellent anti-skid performance, comfort, and rich colors, they soon attracted the attention of general users. However, those who oppose it think that this kind of shoes full of holes is extremely ugly, and Karrochi took the opportunity to use Ugly is beautiful as its slogan. In addition to wearing comfort, CROCS often cooperates with companies such as Disney to launch various types of theme shoes. In addition, the small holes in the slippers can also be inserted into various small accessories to meet the individual needs of consumers. More importantly, CROCS has a strong star effect, such as Faith Hill, Matt Damon, Al Pacino, Brad Pitt, Angelina Jolie, Jack Nicholson, etc. People in the fashion industry have expressed their liking for CROCS shoes or wearing the product in public. According to a report by the Washington Post on June 22, 2007, President Bush caught up with the trend of wearing sandals in the summer, and the sports and leisure sandals with black socks on his feet are Karrochi sandals, so this shoe is also Known as “Bush shoes”. The company also expanded rapidly because of this series of reasons. In 2006, the annual sales volume reached 6 million pairs and the sales revenue was US$100 million. In the UK, it was out of stock due to panic buying. Revenue in 2008 is expected to reach 1.1 billion US dollars. After its great success, Karrochi has introduced a variety of styles suitable for different occasions in addition to the original most basic Beach series. But all CROCS shoes are characterized by the use of soles made of Croslite materials. The company has also introduced a handbag made of Croslite material. Because of the popularity of Crocs shoes, Crocs has also introduced products such as mobile phone bags in the shape of Crocs shoes.

However, the biggest problem Karrochi faces is that there are too many followers. At the same time, the price of a pair of counterfeit shoes with similar appearance is only about one-tenth of that of genuine shoes. The imitation shoes do not have Croslite patented materials, but the appearance and even the decorations inserted in the holes can be very close to the Croslite products. For many trend-followers, this is enough. Imitated Bush shoes are divided into Taiwan-made and Chinese-made. In 2007, a pair of Chinese-made in Taiwan was sold for 100-190 yuan in Taiwan, and Taiwan-made for about 590 yuan. In 2008, the company suffered a loss.

In July 2014, according to the British “London Evening News” report, shoe maker Karuo Chi recorded a sharp drop in profit of nearly half, falling to 11.4 million pounds. Therefore, Karrochi has to close at least 100 retail stores in the United States and cut more than 200 employees. Chairman Andrew Rees has also stated clearly that it is necessary for Karrochi to carry out a series of effective reforms in its market strategy, organization and policy, hoping to turn the tide.

According to reports, due to the long-lasting quality of Karrochi sandals, users rarely replace them, resulting in unsatisfactory sales. At the same time, it has always been said that the appearance of this “modern sandal” is extremely unattractive, and it has been called “The world’s ugliest footwear” (The world’s ugliest footwear); for this reason, the company also intends to change this image. , Plans to launch fashionable leather boots and more elegant styles.

As of December 31, 2015, Karrochi operated a total of 275 retail stores, 98 store-in-shops, 186 outlet stores and 12 company-operated Internet online stores in more than 60 countries around the world.

As of December 31, 2019, it had 109 retail stores; 65 kiosks and shop-in-shops; 193 Ole stores; and 13 company-operated e-commerce websites.

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