Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, August 30, 2024

Article Excerpt

CROCS INC., $146.17, symbol CROX on Nasdaq, makes casual footwear for men, women, and children. It is best known for its molded “Crocs” shoes featuring Croslite, a non-toxic foam material that aims to give its footwear a soft, comfortable feel. In February 2022, the company completed the $2.5 billion acquisition of Hey Dude, a privately owned casual footwear brand based in Italy. Hey Dude makes light and casual footwear, such as slip-ons for men, women and kids, priced around $60 and up. Like Crocs, Hey Dude focuses on casual, comfortable and lightweight products. On August 22, 2024, the company announced the signing of actress Sydney Sweeney—best known for her roles in the TV series Euphoria and White Lotus—as the global spokesperson for its Hey Dude brand. The brand has struggled recently, with sales declining in the first two quarters of 2024. In the quarter ended June 30, 2024, Crocs’ revenue was $1.11 billion, up 3.6% from $1.07 billion a year earlier. The Crocs…