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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.

Go deeper

Dan Primack, author of Pro Rata
11 mins ago - World

Merkel's departure could bring influx of private investment

Christian Democratic Union (CDU) party chairman and candidate for the federal elections, Armin Laschet, in front of German Chancellor Angela Merkel in Berlin on Sept. 26. Photo: Clemens Bilan - Pool/Getty Images

Angela Merkel's departure from German government may result in a massive influx of private investment.

Driving the news: The center-left Social Democratic Party, led by chancellor candidate Olaf Scholz, clinched a narrow victory in Germany's federal elections. It now will seek to form a coalition government by year-end with the Greens and the Free Democrats.

Instagram pauses development of platform for kids

Photo: Lorenzo Di Cola/NurPhoto via Getty Images

Instagram announced Monday that it is pausing its plans to develop a version of its platform for children under 13.

Why it matters: Facebook has received backlash since the Wall Street Journal published a report that showed the company knew its Instagram app is harmful for teenagers.

Stock buybacks boom as corporate cash piles grow

The Delta variant is keeping more companies cautious about how to invest the mountains of cash they have at their disposal. That hesitancy has led, in part, to corporate spending on stock buybacks outpacing capital expenditures this year. 

Why it matters: Companies hoarded cash and raised prices over the past year — leaving them with a lot of money and decisions about what to do with it.