Crocs CFO says India is top six global market, expects significant growth
The CFO of Crocs, Carrie Teffner, has described India as one of the U.S.-based brand’s most promising markets for growth, due to its 90 franchised stores in the country.
“India will grow as one of the top-tier markets because we know the potential here is fantastic,” Teffner told the Economic Times on August 21. The other top five markets Teffner named are the U.S., China, Japan, South Korea, and Germany.
Crocs currently retails its brand of casual footwear through exclusive franchised outlets in India, of which it has 90. Teffner clarified that the brand has no immediate plans to apply for a single-brand retailing licence that would allow it to open its own branded stores.
The brand also has a strong presence across Indian e-commerce platforms and is available in hundreds of multi-brand brick and mortar stores across India.
“In these markets, it makes a lot of sense for us to partner with those people who run franchisee stores,” explained Teffner, who also mentioned that, in markets where Crocs has opened its own flagship stores, they have not been so profitable.
In India itself, Crocs’ India CEO, Deepak Chhabra, has reported the south and west as the brand’s main markets. This is due to the weather conditions there that suit Crocs’ signature plastic slip on shoe.
However, “[the] north is picking up very fast,” said Chhabra.
Crocs reports sales of around 55 million pairs of footwear worldwide each year.
The brand’s shoes are manufactured by third-party manufacturers in China and Vietnam.
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