Crocs Shares Rise on Clothing Plan
Crocs said Monday it will launch a line of clothing using a form of the resin material it uses in its brightly colored clogs, sending the shoe company's shares up 3 percent.
The clothing line for men and children, which will hit stores in October, is an attempt at diversification for the company as it tries to evolve from a niche shoe maker to a lifestyle brand.
The clothing will use the company's proprietary material and will be resistant to harsh chemicals and heat, the company said, adding that it plans to launch another line of clothing for spring 2008.
Crocs shares , which have more than doubled this year, were up $1.66 at $60.65 on the Nasdaq in early Monday trading.