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Crocs shoes reveals its closing ALL of its factories and a third of stores
CROCS is closing all of its factories and a third of its shoe stores to "improve profitiblity".
The company is shutting manufacturing operations at its two remaining factories in Italy and Mexico and will outsource to an undisclosed country.
It comes after Crocs closed 28 of its stores worldwide - with plans to shut a further 132 later this year.
The shoes became a hit in the mid-noughties thanks to their comfort but they were seen as a crime against fashion to some trendy shoppers.
They have fallen out of favour in recent years, with the share price halving between 2014 and 2017.
But Crocs have snapped back with an improved marketing strategy and a new range of high-heeled shoes.
Christopher Kane brought crocs into the spotlight by putting them on the runway in for spring/summer 2017.
But it was Balenciaga who created the heeled version and showed them in the spring/summer 2018 show.
The 10cm platform version are available for £39.99 but Balenciagia has its own range selling for £645.
Andrew Rees, CEO and president, said: "Our clogs and sandals continue to perform well, and we are well positioned for the back half of the year.
"We expect double digit e-commerce growth and moderate wholesale growth to more than offset lower retail revenues due to operating fewer stores and business model changes."
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