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This is How Post Malone Helped Crocs Shares Soar

When one hears about Post Malone, whose real name is Austin Richard Post, they think rapper mostly. Little do some know that he also is a big fan of Crocs shoes and has designed a pair himself that sold out in ten minutes.

His signature-edition Crocs—a.k.a. the Posty Crocs, are a Croc clog that have six special-edition “Jibbitz™” (the buttons you can stick into the holes of the Croc), including ones in the shape of the “Stay Away” tattoo that the rapper has above his eyebrow.

The Chicago-born rapper’s banana-yellow design clogs go for a price of $59.99 and the ccompany said it would be restocking inventory soon though.

“If you like something, go get it,” said Malone. “I wear Crocs everywhere from the bar to the stage and I felt it was the perfect collaboration to get together with Crocs and give the fans what they’ve been asking for.”

With the help of Malone, Crocs reported a strong third quarter financial report and also raised its full-year guidance. Andrew Rees, president and CEO, said on the company’s earnings call, “We had one of the best third quarters in the last couple of years.”

For the quarter, Crocs saw revenue of $261.1 million, a jump of 7.3% year over year. Net income was $6.5 million, or 7 cents a share. Analysts were expecting a loss of 1 cent a share.

The company also raised its full year guidance and now expects revenue to jump 4 to 5%.

Crocs also has other celebrity endorsers including Drew Barrymore, John Cena and South Korean singer Yoona.

Rees said on the earnings call, “Q3 was another successful quarter for us. Our brand continue to strengthen and our product continues to be well received, particularly our clogs and sandals. Business was strong across all distribution channels and regions. As a result, we had one of the best third quarters in several years, with revenues up 7.3%, EBIT up 418% to $13.9 million and diluted EPS of $0.07 compared to last year’s $0.03 loss. In response to this performance and our expectations for a good fourth quarter, we are increasing our 2018 guidance.”

“Our brand continues to gain traction. We conducted our annual brand survey this summer and we’re very pleased with the results. Last year, we achieved double-digit increases in our three key metrics; brand desirability, brand relevance and brand consideration. This year, we made further gains as each metric grew at mid- to high single digit rates, which was a significant advancement on top of last year’s exceptional progress.”

He added, “Our impactful collaborations with Christopher Kane, Balenciaga, Drew Barrymore and A-life have also contributed to growing interest and engagement with our brand. Last week, we announced our newest collaboration with Post Malone, a hugely popular artist, whose most recent album broke the Spotify streaming record on its first day of release. What’s particularly exciting to us is that we didn’t choose Post Malone, he chose us. He’s been a fan of Crocs, regularly wearing our clogs and posting about them on social media long before we ever reached out to him. The first drop of his shoe collection sold out in less than 10 minutes, and we know that fans can’t wait for future product introductions. And on the day of the drop, the social media activity that followed far surpassed any prior single day activity for the Crocs brand.”

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