Jul 20, 2021 - Economy & Business

Birkenstock and Crocs mania is here

Illustration of Shoes.

Photo: StockX

Shoe brands like Crocs and Birkenstock have taken a page from the trendy sneaker playbook — and it’s paying off in the form of viral popularity.

Driving the news: New data released today by StockX shows the two brands were among the resale platform's fastest-growing footwear brands over the last year based on total trades, Axios is first to report.

StockX is a secondary marketplace best known for sales of limited edition sneakers at double or triple the retail value.

Why it matters: The rise of limited edition Crocs and Birkenstocks sits squarely at the intersection of two pandemic trends: comfy shoes and the growing side-hustle economy.

  • Fueled in part by celebrity collaborations, certain models of both shoe brands are being sold for multiple times their retail price.

Case in point: The Crocs Classic Clog Bad Bunny, released in partnership with Puerto Rican singer Bad Bunny, have a retail value of $60 — and are selling for $280 on StockX.

The backstory: Pandemic lockdowns forced people to find new ways to occupy their time or to generate income, leading some to become professional resellers — or to at least try to flip a few items.

What they’re saying: "Crocs were not on our radar even two years ago … and now it’s one of the top 10 [footwear] brands on our marketplace," Jesse Einhorn, StockX senior economist, tells Axios.

  • Part of Crocs’ success has to do with its "aggressive collaboration" strategy with celebrities like Post Malone and Justin Bieber, and limited edition styles, Einhorn says.

By the numbers: Sales of Birkenstocks and Crocs on the StockX platform grew 610%, and 430%, respectively, during the first half of 2021 compared to the first half of 2020.

  • For context, sales of sneakers from Louis Vuitton, Alexander McQueen and Reebok grew 440%, 370% and 210%, respectively.
  • New female users also helped the platform surpass 1 million sellers over StockX's lifetime. Compared to existing sellers, new sellers are nearly twice as likely to be women.

What to watch: Whether these brands can hold on to their hype as the economy reopens.

  • So far, Crocs shareholders are probably pleased: The stock has more than tripled over the last year.
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