![]() ![]() Yet while collaborations were a linchpin in the search for relevance, it remained elusive at the start. What made Crocs different from its competitors was its open approach to collaborations. In addition to solving the logistical issues, the new team was tasked with making the brand not only relevant, but cool. In 2014, private equity firm Blackstone stepped in with a $200 million investment and brought in a team of experienced footwear executives. In 2008, the brand’s global sales dropped 15% to $722 million and the company posted a $185 million loss. The product assortment had also become unwieldy, growing from 25 shoe styles in 2006 to more than 250 the following year. The company manufactured so much product that it regularly found itself with excess stock (yet still failed to fulfil many of its orders on time). Inventory and production issues also plagued Crocs’ financial wellbeing in the early days. (A typical headline about the brand, this one coming from BuzzFeed: ‘Crocs are ugly!!!’) ![]() The foam clog was already gaining a reputation for being uncool and generally undesirable. But Crocs’ leadership team didn’t have enough fashion expertise to navigate its initial high-speed growth, or to make sure the products remained relevant. ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |