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Crocs have really found their footing starting in 2020 and in Q2 of 2021 and they have revealed plans to hit $5 billion in sales by 2026. The foam clog maker blew past Q2 2021 expectations with a revenue of $640.8 million, a jump up from 93% year over year.
“We are incredibly proud of the track record of growth and shareholder value creation since we first embarked on the turnaround of the Crocs brand in 2014,” said Crocs CEO, Andrew Rees, in a release.
The plan to reach their goal consists of four key areas of focus consisting of digital development, growing market share in sandals, tapping the growth in Asia, and product and marketing innovation. E-commerce sales and Crocs retail stores made up 52% of Q2 earnings with an increase of 78.6% year over year sales and Crocs anticipates that at least 50% of its total earnings will come from digital sales by 2026.
The shift to focus on direct e-commerce and digital started earlier this year when Crocs announced they were cutting ties with some of their long time wholesale partners
Crocs is also targeting sustainability goals with their financial goals and hope to achieve net-zero emissions by 2030 and be 100% vegan by the end of the year. Crocs also have launched a new version of its bio-based proprietary Croslite foam which is made from sustainably sourced waste and byproducts and set to drop worldwide in early 2022.
