Saturday, 26 July 2008
More Croc evil
Once the anti-smoking message took hold in the West, the tobacco industry had to find new markets for its products and aggressively sought out the Third World, creating an evil addiction where none has existed before.
Similarly, a sharp downturn in the US sale of Crocs, has led their manufacturers to look elsewhere for sales:
Shares in the shoes' Colorado-based manufacturer plunged by as much as 47% at one point yesterday as the company warned that its sales were likely to be lower this year than last.
Crocs chief executive, Ron Snyder, blamed economic conditions: "We are obviously disappointed with the economic situation in the US and part of Europe, however we remain confident about the long-term prospects."
Crocs had been aiming for second-quarter sales of between $247m and $258m (£130m). According its new forecast, it will only make $218m to $223m. To cope with slowing demand, it is closing a factory in Canada.
Snyder said there were plenty of countries where Crocs were gaining ground and vowed to press ahead with global advertising to build the brand. "We believe many of our markets are under-penetrated and should provide meaningful growth opportunities for our products well into the future."
One day, the floor of the rainforest will be bright with discarded plastic shoes.