Crocs, the maker of plastic clogs is introducing a new line of fashion footwear line, You by Crocs.
The introduction of the line of nine boots and shoes marks a departure for Crocs, which has logged huge sales from the popularity of its odd-looking, perforated shoes.
The new line of footwear marks a radical shift in pricing with the boots ranging from $149 to $299 a pair. That’s far above the $30 price on Crocs’ standard shoes.
Crocs’ push to broaden its product portfolio reflects the company's desire to avoid becoming a one hit wonder. On the strength of those early models, Crocs, Niwot, Colo., has rocketed from $1.2 million in revenue in 2003 to $354.7 million last year and a projected $670 million to $680 million this year. The company’s net last year was $64.4 million.
Crocs’ stock has risen 262% in the past 12 months to close today at $85.05, up $2.88.