洞洞鞋，卖不动了

Core Viewpoint - Crocs is facing significant challenges as it issued a revenue warning, predicting a decline of 9% to 11% in Q3 2025, leading to a nearly 30% drop in stock price and a market capitalization loss of $4.17 billion [1] Part 01: Sales Decline - Crocs was founded in 2002 and gained popularity due to its unique Croslite material, becoming a leading brand in functional footwear [2] - The company went public in 2006, achieving record stock price increases and reaching revenues of $640 million and net profits of $168 million by 2007 [2] - Crocs faced its first crisis during the 2008 financial crisis due to overexpansion and competition from counterfeit products, prompting a strategic shift in 2010 [2] Part 02: Growth in China - Despite global market pressures, Crocs experienced a 3.4% revenue growth in China in Q2 2025, reaching $1.1 billion [4] - The brand's success in China is attributed to effective marketing strategies, including signing diverse brand ambassadors and leveraging social media platforms like Xiaohongshu and Douyin [6] - The "ugly" aesthetic has become a trend among young consumers in China, allowing Crocs to capitalize on this cultural shift [6] Part 03: Counterfeit Challenges - Crocs is facing ongoing challenges from counterfeit products, which have been a persistent issue in the global market [3] - In July 2023, Crocs revived a lawsuit against multiple companies in India for infringing on its design, highlighting the ongoing battle against counterfeiters [7] - The company has implemented strategies such as introducing personalized design options and enhancing product functionality to differentiate itself from counterfeit products [9]