Crocs Inc. is expected to announce that it exceeded $1 billion in revenue last year for the first time in its 10-year history, thanks to an expanded retail presence and snazzier styles, but don’t you dare think that’s stopping the Colorado-based company from trying to make a few more bucks.
The Wall Street Journal reports that Crocs is on a licensing spree to spread the brand name and attain more revenue. The company has “announced licensing agreements with several manufacturers as it continues to expand its brand to accessories, apparel and eyewear.”
“Licensing presents an opportunity to leverage one of our most valuable assets – the global power of the Crocs brand – by associating it with best-in-class products that go beyond footwear,” said Mike DeBell, Crocs VP of Global Sales, in a press release. “More than 200 million pairs of Crocs shoes have been sold, in more than 90 countries around the world. That’s powerful testimony to the connection forged with consumers by the Crocs brand. Through strong international and regional licensing partners, we plan to extend the power of our brand and make new consumer connections.”[more]
Crocs is an old hand at co-branded footwear, such as its new golf shoes with Hank Haney, just named best new product at the PGA Tour merchandise show. Soon, Crocs lovers can start looking for Crocs-branded hats, bags, backpacks, socks and gloves from Accessory Exchange as well as college and Major League Baseball-branded Crocs from Paramount, the paper reports.
Then will come Crocs children’s apparel in April from A Group, the Journal notes. But it won’t stop there, Crocs lovers. The following month will see the launch of Crocs sunglasses and sunglass accessories from Eye King LLC.
ICER Brands, the company’s partner that handles professional footwear, will expand its area on the Crocs licensing train by debuting some Crocs-branded scrubs.
If all that weren’t enough, Crocs, which are often worn without socks, also has two different deals with sock manufacturers, the paper reports, one domestically that started over the holidays and the other for Europe.
“As we continue to explore these and other new collaborations, I am confident our license partners will help us grow and spread our brand,” said DeBell to WSJ.
The company’s shoes may be able to go underwater, but it doesn’t appear that the manufacturer is planning to follow suit anytime soon.