Core Viewpoint - Crocs, once a leader in the clog market, is facing significant challenges, including declining sales and increased competition from lower-priced alternatives, leading to a substantial drop in stock price and market value [3][4][5]. Financial Performance - Crocs issued a revenue warning, expecting a 9%-11% year-over-year decline in Q3 revenue, resulting in a nearly 30% drop in stock price on August 7, 2023, and a market value loss of $4.17 billion [3]. - The company reported a net loss of $492.3 million in Q2, primarily due to a failed acquisition of the brand HEYDUDE, which led to a $700 million impairment charge [5]. Market Dynamics - The North American market for Crocs has seen a negative growth of 3.8%, with a significant decline in foot traffic in wholesale and outlet channels [4][6]. - Increased competition from brands like Skechers and domestic brands offering lower-priced clogs has intensified market pressure, with some products priced as low as 39.9 yuan [6][7]. Consumer Behavior - Consumer preferences have shifted, with a growing demand for multi-functional footwear that can be worn in various settings, while Crocs is often perceived as a casual home shoe [7][9]. - The durability of Crocs products has led to reduced repurchase rates, as consumers report that a pair can last for years [7]. Brand Positioning - Crocs has struggled with innovation, relying heavily on a single classic model and failing to upgrade its core material, Croslite™ [6][8]. - The brand's marketing strategies, including collaborations, have lost their appeal, resulting in poor sales of new products [6][8]. Industry Trends - Despite Crocs' struggles, the clog category remains vibrant, with significant social media engagement and a trend towards DIY customization among younger consumers [9]. - The Chinese market showed promise with a growth rate exceeding 60% in 2024, but price-sensitive consumers often opt for cheaper alternatives [9][10].

作者 | 王小娟 编辑 | 黄昱 过去几年，洞洞鞋被年轻人捧成人手一双的出门万能鞋。然而，作为洞洞鞋领域的鼻祖，Crocs最近并 不好过。 近日，Crocs公司发布业绩预警：预计第三季度营收同比下降9%-11%。消息一出，市场反应剧烈——美 东时间8月7日，股价单日暴跌近30%，创下近14年最大跌幅，市值蒸发41.7亿美元。 CrocsCEO安德鲁·里斯在财报电话会议上难掩焦虑："消费者如今连商店的门都不进了。"这句话揭开了 洞洞鞋巨头跌落神坛的残酷现实。 而时间倒回2006年，Crocs登陆纳斯达克时风光无限，创下鞋企IPO上市首日股价涨幅最高纪录。近几 年，帆船运动专用的洞洞橡胶鞋，凭借独特的"踩屎感"舒适度迅速征服大众，掀起"丑到极致就是潮"的 消费革命，被全世界各地的年轻人捧上神坛。 在巅峰时期，一双普通款Crocs售价高达2000元，镶钻联名款标价9999元仍供不应求。2023年，Crocs保 持着行业神话——全年销量1.2亿双，利润高达7.93亿美元。 然而辉煌难以持续。Crocs2025年一季度财报显示，Crocs主品牌增速从2024年同期的14.6%暴跌至 2.4%，北美市场甚至出现3.8%的 ...

来源｜中国经营报 作为洞洞鞋的鼻祖，Crocs的定价不菲，普通款价格从200多元到2000多元不等，一个小小的鞋花饰物售价就要28 到45元。有些稀缺联名款价格更高，例如与施华洛世奇联名的 "小鲸鱼洞洞鞋"，售价高达9999元。 尽管如此，Crocs在2023年却创造了销售奇迹，全年卖出1.2亿双，全年销售额创历史新高，达到39.62亿美元，同 比增长11.46%；净利润为7.93亿美元，同比增幅达46.73%。 然而，此后Crocs的增速却开始持续放缓。据Crocs2025年一季度报显示，主品牌营收同比增速继续放缓，2024年 一季度至2025年一季度增速为14.6%、9.7%、7.4%、4%、2.4%。 在与分析师的电话会议上，Crocs公司首席执行官Andrew Rees表示，美国消费者在非必需品支出上极为谨慎，客 流量下降，甚至"不去商店了"，这种影响在批发和奥特莱斯业务中尤为明显，且消费者对当前及潜在价格上涨的 担忧可能进一步抑制消费意愿。 这一事件不仅是Crocs自身的挑战，也折射出更广泛的消费市场正在经历的寒意。Crocs管理层传递出的最明确信 号是，美国消费者的钱包正在收紧，尤其是那些对价格更 ...

来源：中国经济网 风靡一时的"洞洞鞋"，卖不动了？ 当地时间7日，"洞洞鞋"制造商Crocs（卡骆驰）发布业绩指引，第三季度营收预计将同比下降9%至 11%。受此影响，Crocs股价一夜之间暴跌近30%，报收74.39美元，触及近三年来的最低点，也是其近 十多年来最大单日股价跌幅。总市值仅剩41.71亿美元。 营收同比增速继续放缓 多品牌入局 Crocs面临压力的背后，更多品牌正争相进入洞洞鞋赛道。 有消费者表示，自己在电商平台和社交媒体搜索洞洞鞋的时候，发现回力竟然也在卖洞洞鞋，"一时间 很难把这个运动鞋老品牌和洞洞鞋联系起来，感觉挺新鲜的。" 有媒体了解到，各种款式、不同颜色的洞洞鞋正在出现于斯凯奇、卡帕、百丽、TATA、天美意、森 马、热风等各类运动品牌、传统鞋服品牌甚至精品店内。在售价方面，运动品牌、传统鞋服品牌推出的 洞洞鞋往往在100元/双以上，有些达到四五百元/双，白牌洞洞鞋的价格则大多为几十元/双。 Crocs于2002年在美国创立，最初的产品定位为帆船运动和户外运动者专用。同年11月，第一双Crocs洞 洞鞋面市，凭借独特的设计和实用功能，全球销售网络迅速扩展至超过40个国家 。2006年2 ...

Core Insights - The "Croc" market is experiencing increased competition with various brands entering the space, including Skechers, Kappa, Semir, and TATA, alongside traditional footwear brands and private labels [1][4][7] Company Performance - Crocs' revenue for Q1 2025 was $937 million, showing a slight increase of 1.4% year-over-year when adjusted for fixed exchange rates [2] - Direct-to-consumer revenue grew by 2.3%, with Crocs brand revenue increasing by 2.4% to $762 million, reflecting a 4.2% growth when adjusted for fixed exchange rates [2] - Despite overall revenue growth, Crocs is facing a slowdown, with brand revenue growth rates decreasing from 14.6% in Q1 2024 to 4.0% in Q1 2025 [3] - The company has withdrawn its revenue forecast for 2025 due to uncertainties in the global trade environment and consumer behavior [3] Market Trends - The entry of brands like Warrior and TATA into the "Croc" market indicates a trend towards diversification and increased competition [4][8] - Warrior's new line of "Croc" shoes is priced around 50 yuan per pair, appealing to budget-conscious consumers, with sales exceeding 10,000 units [6] - The market is seeing a variety of styles and price points, with traditional brands offering "Croc" shoes priced above 100 yuan, while private labels offer options for as low as 39.9 yuan [6][7] Product Innovation - The "Croc" market is evolving with innovative designs, moving beyond traditional styles to include unique features and aesthetics, such as Mary Jane and Birkenstock-inspired designs [11][13] - Crocs is also expanding its product line with new styles like flat shoes, wedge sandals, and other footwear options to cater to diverse consumer preferences [13]

Core Viewpoint - The article discusses the current challenges faced by Crocs, the original brand of "croc" shoes, as it experiences a decline in revenue growth and increasing competition from cheaper alternatives in the market [8][25][29]. Group 1: Market Performance - Crocs reported a revenue of $937.33 million for Q1 2025, showing a slight decrease of 0.14% year-over-year [8][9]. - The revenue growth rates from 2021 to 2024 were significantly high at 66.92%, 53.67%, 11.46%, and 3.53%, indicating a clear downward trend in growth [8]. - The brand's unique selling proposition, including comfort and patented materials, is being challenged by the influx of cheaper alternatives [14][20]. Group 2: Consumer Behavior - Consumers are increasingly opting for lower-priced alternatives, with many finding similar styles for as low as 30 yuan, which diminishes the perceived value of Crocs [20][24]. - The trend of "ugly can be beautiful" has contributed to the popularity of Crocs, but the brand's identity is not strongly associated with a lifestyle or identity among Chinese consumers [11][30]. - The seasonal nature of Crocs as a summer product limits its market potential in regions with colder climates, affecting overall sales [32][36]. Group 3: Competitive Landscape - The market is seeing a rise in various brands offering similar "croc" styles, including collaborations and lower-priced options from brands like Li Ning and Skechers [20][21]. - The competition is intensified by the emergence of online platforms where consumers can find cheaper alternatives, leading to a shift in consumer purchasing behavior [21][24]. - Crocs' management acknowledges the impact of trade policy changes on competition, which may further challenge its market position [27]. Group 4: Brand Identity and Future Outlook - Crocs struggles to establish a unique brand identity that resonates with consumers, as many do not feel a psychological burden when purchasing counterfeit versions [29]. - The brand's attempts to diversify its product line, such as introducing winter styles, have not significantly changed consumer perception of it as a summer-only product [32][36]. - To achieve explosive growth again, Crocs may need to wait for the next trend to emerge, as its current market position is constrained by cultural and seasonal factors [37].