When it comes to Crocs’ buzzy collaborations, investors like what they see.
After the sold-out Bad Bunny clog collaboration went live at 12 p.m. ET on Crocs.com last week shares have been on a steady upswing, trading at a peak of $48.09 on Thursday, Oct. 1. Today, Crocs is trading at $48.46 during a session that has seen mixed trading across the market amid President Trump’s coronavirus diagnosis and the September jobs report.
What’s more, Justin Bieber teased a possible collaboration with Crocs on his Instagram earlier this month. Bieber simply captioned the photo “Soon.” The image featured a pair of Crocs floating in a pool, including indistinguishable Jibbitz charms attached.
Now, there’s more info on the upcoming collab with the “Yummy” singer. Bieber announced on Wednesday morning that his design, made in partnership with his Drew House label and Crocs, is coming Oct. 13. This style comes in the signature clog silhouette and is seen in Drew House yellow, with added Jibbitz, including one made in the Drew logo, a cartoon donut, bear, pizza and rainbow, also made with Drew House branding.
“I’ve been wearing Crocs since the beginning of time, and now I have my own design,” Bieber said in an Instagram post that showed him cutting into his Crocs shoe, which was actually disguised as a cake.
Bieber’s brand Drew, which is inspired by his middle name and manufactured in Los Angeles, is a unisex line and features oversized, relaxed-fit pieces. His friend Ryan Good is the the creative director and cofounder.
Despite the ongoing pandemic, the clog maker continues to exceed expectations. For the second quarter, the Crocs recorded diluted earnings per share that surged 71.2% to $1.01 on an adjusted basis — well above the prior year’s 59 cents per share and analysts’ bets of 14 cents per share. Revenues, on the other hand, declined 7.6% to $331.5 million but still beat Wall Street’s forecasts of $249.6 million.
Its e-commerce business served as another bright spot, growing 67.7% in the period ended June 30. Although wholesale revenues declined 19.5% and retail revenues fell 41.8%, retail comps advanced 10.5% on a constant currency basis upon the brand’s store reopenings.
Collaborations has been key to the brand awareness and recent success. The Bad Bunny “Glow Up” Classic Clog sold-out within minutes last week at its $60 price tag. Now, it’s reselling for more than three times its retail price at StockX, Ebay and GOAT.
Bieber joins the company’s star-studded partner roster including Ruby Rose, Luke Combs and Post Malone.
To see Justin Bieber in Crocs, click through the gallery.