Photo: David Silverman/Getty Images
If you were hoping the new year would finally see the end of such terrible things such as the economic crisis, global warming, political discontent and Crocs, don’t hold your breath.
Forbes is reporting that the latter has just received a staggering $200 million investment from The Blackstone Group — which now owns a 13 percent stake in Crocs, as well as two seats on the company’s board of directors. Share prices for the amusingly abbreviated CROX stock surged nearly 13 percent Monday following the announcement.
“Blackstone sees tremendous opportunity in the Crocs brand and global franchise,” Prakash Melwani, senior managing director and chief investment officer of Blackstone’s private equity group, said in a statement. “The company has the infrastructure and products to enable continued growth across the wide range of geographies and channels through which it operates.”
While it’s doubtful any amount of money could turn Crocs into a valid fashion trend, this investment does mean those bulbous brogues aren’t going anywhere fast. The brand reportedly brings in $1 billion in annual revenue, and Blackstone’s involvement will only serve to inflate that number. And who knows — if Tevas and Adidas slides can make their way onto the runway… maybe Crocs have a chance after all? (Please no, fashion gods… please, no…)
In other related news, Crocs has announced the retirement of president and CEO John McCarvel, effective as of April 30, 2014. It’s been real, Jackie boy. We’ll think of you every time we cross paths with a lightweight plastic clog.