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Crocs' flagship product Photo: Shai Rosenzweig
Crocs' flagship product Photo: Shai Rosenzweig
 
 

Crocs to open 2 more stores in Israel

Shoe manufacturer to launch new branches in Kfar Saba and Haifa, joining 13 other stores across country

Orna Yefet, Calcalist
Published: 06.24.09, 15:03 / Israel Business

The Crocs shoe manufacture plans to open two more stores in Israel, in addition to its 13 existing branches in the country and other sales points where the company's shows can be found.

 

The two new stores will open soon in Kfar Saba's G Center and in Haifa's Grand Canyon mall.

 

Although Crocs' popularity has worn out and its share has plummeted, it appears the company refuses to go out of fashion. Crocs' flagship product is still the open-backed clog.

 

In the past the company refrained from launching sales and even sued competitors selling shoes similar to its own for a cheaper price, but that trend has now changed: Crocs Israel now offers sales for certain models, and original Crocs shoes can be found for only NIS 100 (about $25.4).

 

The Crocs company recorded a $22.4 million loss in the first quarter of 2009, compared to a $4.5 million loss in the first quarter of the previous year. The losses were the result of a 32% drop in the company's income, which totaled $134.9 million, despite reorganization moves in production. Following the financial report, Crocs' share lost 12%, reaching $3.08.

 

Crocs was already lamented about a year ago, with claims that it was a one-product company with small chances of growing. In the past two years, however, the company expanded its line of products worldwide and began marketing clothing products alongside shows for men, women and children.

 

The clothing collection was scheduled to arrive in Israel this year, but the plans have now been suspended, and its importer had decided to focus on shoes.

 

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