Crocs Will Outsource Manufacturing And Focus On Online Sales To Stay Afloat

13 August, 2018, 07:35 | Author: Regina Silva
  • Crocs Will Outsource Manufacturing And Focus On Online Sales To Stay Afloat

People who love the comfort and easy wear design of the Crocs are surely surprised to hear the news.

- Footwear maker Crocs is closing the last of its manufacturing plants.

Executive vice president Carrie Teffner will leave the company by next April, but is stepping down as CFO on August 24. CFO Carrie Teffner will also resigning off her position this month.

The closure of its last plant, located in Italy, is also scheduled to close on a date that was not specified.

Production of the shoes will now be outsourced, but it not yet known where that production will take place.

In its second quarter, Crocs booked net income of US$30.4m, compared to $18.1m in the year-ago period.

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Currently, the company's headquarters are based in Niwot, Colorado in the United States, near to Denver.

And now it appears they have fallen out of favour even more in recent years, with the share price halving between 2014 and 2017.

The launch of a high-heeled version of its signature shoe in July this year looked to have been a contributing factor in turning the business' fortunes around, with share prices more than tripling between May and June.

The company has not said how it will continue to produce its products.

'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'.

The company announced that it is expecting a 2018 revenue of around $1.02 billion, slightly below analysts' previous expectations of $1.05 billion.

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