Word: duerden
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Dates: during 2000-2009
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...sales tumbled 15% to $721.5 million in 2008, leading to a loss of $185 million, following a profit of $168 million a year earlier. Its share price plummeted from a high of $74 in November 2007 to a low of just $1.05 last November. It was, says John Duerden, Crocs' chief executive, "the perfect storm." (See pictures of 23 years of Air Jordans...
...Crocs' journey from hot to not is a familiar tale. Reinventing yourself from a one-hit wonder into a profitable, long-term company has to be one of the biggest challenges in business. Plenty fail. Remember Beanie Babies? LA Lights? Slap-on bracelets? Duerden, 68, who joined Crocs in March from the London-based brand consultancy Chrysalis Group, says he can help Crocs avoid disappearing altogether and turn the company into "a financially stable company and brand...
...same time the firm must keep hold of its core fan base while opening up new product lines. Millions still love the standard resin shoes but plenty of people despise them, too. Duerden says he receives hate mail from nonplussed members of the public; others use the website ihatecrocs.com to vent. But Crocs is confident there's a deep pool of demand for its shoes. Despite the slowdown, the firm has sold around 120 million pairs so far this year, largely to the core demographic of suburban families, across more than 100 countries...
...made out of resin. The hope: that a parent outfitting their kids in clogs will pick up a few more. "It's about persuading people to put the shoe on. We need to continue to evolve [our shoes]. And sometimes that might mean looking nothing like a Croc," says Duerden...
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