24 November 2021, Mumbai:
Crocs Inc said on Thursday it would buy privately owned footwear label Heydude for $2.5 billion, as the rubber clogs maker looks to cash in on the pandemic-led surge in demand for casual shoes.
Consumers stuck at home during the lockdowns last year ditched dress shoes for more
comfortable footwear, benefiting companies such as Crocs and Ugg brand owner Deckers Outdoor Corp, Demand has remained firm this year.
Crocs said it would pay $2.05 billion in cash, funded mostly by a term loan, and $450 million in Crocs shares issued to Heydude founder and Chief Executive Alessandro Rosano.
retail.economictimes (the news article has not been edited by DFU Publications staff)
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