NEW YORK - In an innovative collaboration, BARK (NYSE: BARK) and Crocs (NASDAQ: NASDAQ:CROX) have introduced a new line of pet footwear, Pet Crocs, designed to match the style of their human counterparts. The products, which include dog shoes and matching human Crocs, are available for purchase online and in select retail stores.
Pet Crocs come in two vibrant colors, Green Slime and Pink Dragon Fruit, both featuring a glow-in-the-dark marbled effect. Made from breathable EVA foam, these shoes for dogs are designed with an adjustable strap for comfort, a grippy tread bottom for stability, and ventilation holes for breathability.
Dave Stangle, VP of Brand Marketing at BARK, emphasized that the partnership with Crocs is a testament to the unique bond between dogs and their owners. He expressed excitement about the opportunity to design the footwear from a canine perspective, fulfilling a long-standing customer request.
Customers interested in acquiring the Pet Crocs can do so through BarkBox and Super Chewer subscriptions, where they have the option to add the dog shoes to their next box. New subscribers are also eligible to receive the shoes as a welcome gift with a 6- or 12-month subscription plan. Additionally, Crocs fans can find the new pet-friendly footwear, along with exclusive dog breed-themed Jibbitz charms, on the Crocs website and at select Crocs retail locations for a limited time.
BARK, known for its dog-centric products and services, has partnered with Crocs to extend its mission of making dogs happy. This collaboration aims to celebrate the joyous and quirky relationships between dogs and their human companions.
This news comes as both companies seek to tap into the pet accessory market, which has seen growth as pet owners continue to look for ways to include their furry friends in all aspects of life. The information is based on a press release statement from BARK, Inc.
In other recent news, Crocs, Inc. has seen a flurry of analyst activity. Williams Trading has maintained a Buy rating on the company, raising the fiscal year 2024 revenue forecast from 8% to 9% due to the brand's ongoing momentum. However, the revenue projection for HEYDUDE, another brand under the Crocs umbrella, was slightly lowered. In contrast, Baird reaffirmed its positive stance on Crocs, maintaining an Outperform rating and suggesting a promising outlook for the company's third-quarter earnings. Guggenheim also initiated coverage on Crocs with a Buy rating, highlighting the brand's resilience and underappreciated free cash flow.
Meanwhile, Guggenheim initiated coverage on G-III Apparel Group (NASDAQ:GIII) with a Buy rating, emphasizing the company's seasoned management team and growth plans for brands like DKNY, Donna Karan, and Karl Lagerfeld. The firm projected earnings per share for G-III Apparel at $4.00 for fiscal year 2025 and $4.05 for fiscal year 2026.
Piper Sandler maintained an Overweight rating on Crocs, highlighting strong August sales and potential growth in China. The firm's analysis suggests that despite the stock's recent rally, it remains 12% below its summer peak. These are among the recent developments in the footwear and apparel industry.
InvestingPro Insights
As Crocs (NASDAQ: CROX) ventures into the pet accessory market with its innovative Pet Crocs line, investors might be interested in the company's financial health and market performance. According to InvestingPro data, Crocs boasts a market capitalization of $7.86 billion, reflecting its significant presence in the footwear industry.
The company's P/E ratio of 9.96 suggests that it may be undervalued relative to its earnings, which aligns with an InvestingPro Tip indicating that Crocs is trading at a low P/E ratio relative to its near-term earnings growth. This could be particularly relevant as the company explores new revenue streams like the pet accessory market.
Crocs' revenue for the last twelve months as of Q2 2024 stood at $4.06 billion, with a modest growth of 4.35%. While this growth is steady, the company's venture into pet products could potentially open up new avenues for expansion. The gross profit margin of 57.11% demonstrates Crocs' ability to maintain healthy profitability, which could support initiatives like the BARK collaboration.
Another InvestingPro Tip highlights that Crocs has shown a high return over the last year, with a one-year price total return of 55.98%. This strong performance may indicate investor confidence in the company's strategic decisions, including diversification into pet-related products.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 11 more InvestingPro Tips available for Crocs, providing a deeper understanding of the company's financial position and market outlook.
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