The fast-growing American footwear company has bought EXO Italia, a firm based in Padua that specializes since 1993 in the design and production of products based on Ethylene Vinyl Acetate (EVA), primarily for the footwear industry. It’s Crocs’ first acquisition of a manufacturing facility in Europe, and the company has already started to produce injected EVA for its clogs on a small scale. Its former clients include Nike, but it is not yet sure whether it will work for Crocs on an exclusive basis in the future.
Crocs already uses seven other factories for EVA injection. It owns the former plant of Finproject in Canada and another one in Mexico. The five other suppliers are the main Finproject factory in Italy, one in Florida and others in China. However Crocs’ management recently indicated that it was getting short on capacity. The company is expected to sell about 20 million of pairs worldwide this year, including 200,000 in Italy.
Crocs’ net income nearly tripled in the 3rd quarter ended Sept. 30 to $21,526,000 as revenues nearly tripled as well to $111,345,000. Revenues rose by 106 percent in the USA to $69.8 million and by 858 percent to $41.5 million in other countries. Sales of the company’s two major models, the Beach and Cayman, doubled to $52 million, but they declined from 70 to 50 percent of the total turnover.