with holes in them type public traded as nasdaq crox industry wholesale trade retail & consumer services clothing & clothing accessories founded 2002 ; 14 years ago 2002 headquarters niwot colorado u.s. key people emily tomlinson creator gregg ribatt president of crocs brand and ceo 1 products shoes revenue 1198.22 m 2014 2 operating income 4.73 m 2014 2 net income 2.24 m 2014 2 total assets 267.51 m 2014 2 number of employees 4 900 including 3 000 in retail related functions 2014 2 website official website crocs inc. is a shoe manufacturer founded by scott seamans lyndon duke hanson and george boedecker jr. 3 to produce and distribute a foam clog 3 design acquired from a quebec company called foam creations . the shoe was originally developed as a boating shoe . the first model produced by crocs the beach was unveiled in 2002 at the ft. lauderdale boat show in florida and sold out the 200 pairs produced at that time . 4 crocs was the title sponsor of the association of volleyball professionals avp tour from 2006 through the 2009 season . 5 6 contents 1 manufacture and patents 2 imitations and counterfeits 3 products 4 health and safety 5 acquisitions 6 fashion 7 media 8 legal actions 9 stock 10 restructuring 11 references 12 external links manufacture and patents edit crocs are made in a variety of colors . in june 2004 crocs purchased foam creations and their manufacturing operations to secure exclusive rights to the proprietary foam resin called croslite . croslite is a closed cell resin . 7 8 the foam forms itself to a wearer s feet and offers purported medical benefits according to a number of podiatrists . 9 10 crocs holds one patent covering various utility aspects of its footwear u.s. patent no. 6993858 b2 issued february 7 2006 and three design patents covering various ornamental aspects u.s. patent nos . d517788 d517789 and d517790 issued on march 28 2006 . as of 2007 the company had applied to register crocs and the crocs logo as trademarks in over 40 jurisdictions around the world including the u.s. ; many such applications were pending approval . crocs also extended the scope of their trademark registrations and applications for both the crocs mark and logo to cover non footwear products such as sunglasses goggles knee pads watches luggage and some of their internet sales activities . 11 imitations and counterfeits edit a crocs imitation named duralite sold in the philippines crocs announced in 2006 that it filed complaints with the u.s. international trade commission itc and the u.s. federal district court against 11 companies that manufacture import or distribute products called croc offs 12 that crocs believes infringe its patents . 13 seizures of fake crocs occurred in 2007 in the philippines 14 and denmark 15 and were under litigation in south africa . 16 in 2010 the u.s. court of appeals for the federal circuit held that crocs design patent had been infringed . 17 in 2007 the u.s. consumer product safety commission requested a voluntary recall of crocs like clogs due to a potential choking hazard involving detaching plastic rivets . 18 crocs like brands include airwalk poliwalks usa dawgs doggers nothinz veggies etc. versions of the croc style clogs have appeared in children s fashion catalogs usually under their own name brands or as no names . other knock offs are in discount stores amusement park stores beach stores department stores and superstores . 12 products edit crocs are made in a variety of styles . they are manufactured in crocs facilities in mexico and china and contract manufacturers in italy romania bosnia and herzegovina vietnam china and argentina saladillo . the shoes are produced in an array of colors depending on the model . the classic styles are available in more than 20 colors ; most other styles are produced in a palette of four to six colors or two color combinations . crocs also sells other fashion accessories . jibbitz are decorations that can be clipped to the ventilation holes in the shoes . these include designs mainly aimed at children which feature disney characters . the company has also released a line of purses in a variety of colors . a fuzz collection with removable woolly liners extend the range into winter wear . 19 in 2008 the company entered the golf shoe marketplace acquiring golf shoe manufacturer bite footwear . a croc styled pair of golf shoes the ace was introduced . 20 escalator safety sign warns take extra care when wearing soft plastic shoes health and safety edit some crocs shoes were tested and recommended by the u.s. ergonomics company in 2005 21 and were accepted by the american podiatric medical association 22 in 2009 . 9 in 2008 the u.s. government centers for medicare and medicaid services approved a model of crocs with molded insoles as diabetic footwear to help reduce foot injuries . 23 footwear such as crocs and flip flops came under scrutiny in 2006 in the u.s. and 2008 in japan when children suffered injuries after the shoes became caught in escalator mechanisms . 24 25 this was due to the soft shoe material combined with the smaller size of children s feet . 26 in 2008 japan s ministry of international trade and industry after receiving 65 complaints of injuries requested that crocs change its design . 25 internationally some healthcare facilities introduced policies in 2007 regulating crocs . rapid city regional hospital in south dakota changed its dress code to prohibit the sandal variants and those with holes citing safety concerns but allowed closed top professional and the healthcare focused rx crocs to be worn . 27 over one hundred hospitals in canada were advised to implement similar policies . 28 29 blekinge and karolinska university hospitals in sweden banned the wearing of forsberg slippers foppatofflor 30 by staff due to high voltage static electricity buildup which was observed 31 to interfere with electronic equipment . 32 33 34 city hospitals in vienna austria announced banning crocs often worn by nursing staff to comply with antistatic requirements . 35 crocs announced the fuse and two others in 2009 formulated to dissipate static electricity in accordance with european standard en iso 20347 2004 e for use in the medical sector . 36 acquisitions edit various types of crocs with accessories . in october 2006 crocs inc. purchased jibbitz a manufacturer of accessories that snap into the holes in crocs shoes for 10 million or 20 million if jibbitz met earnings goals . 37 in january 2007 crocs acquired assets of ocean minded 38 for 1.75 million in cash plus potentially 3.75 million based on performance . ocean minded makes leather and ethylene vinyl acetate based footwear . 11 in july 2007 crocs agreed to buy shoe and sandalmaker bite footwear based in redmond washington for 1.75 million or up to double that based on earnings results . 39 in april 2008 crocs acquired tidal trade inc. tidal trade the company s third party distributor in south africa for 4.6 million . the company recorded 1.4 million in customer relationships on the date of acquisition . crocs repurchased inventory previously sold to tidal trade and accordingly recognized a reduction of revenue of approximately 2.1 million . 20 also in april the company acquired tagger international b.v. tagger a private limited liability company incorporated under dutch law that manufactures messenger bags . tagger was partially owned by the managing director of crocs europe b.v. the company acquired all tagger assets for 2 million 90 000 for inventory and 1.9 million for the tagger trademark . 20 later in june crocs liquidated fury inc. two years after acquiring it 40 after efforts to sell it off were unsuccessful . as a result crocs wrote off 250 000 related to the remaining customer relationships intangible assets and trademarks over three months . 20 fashion edit in a 2007 episode of his tv series comedian bill maher stated new rule stop wearing plastic shoes . starting in 2006 sales of crocs increased dramatically 41 with first quarterly sales roughly tripling from 2006 to 2007 according to the new york times . 42 a washington post article described the phenomenon nor is the fashion world enamored of crocs . though their maker touts their ultra hip italian styling lots of folks find them hideous . 9 tim gunn fashion consultant told time magazine ... the croc it looks like a plastic hoof . how can you take that seriously 43 a blog named ihatecrocs.com was founded by two canadian college students one kate leth referred to the shoes as hideous while website crocfans.com documents uses of the shoes . 42 the facebook group i don t care how comfortable crocs are you look like a dumbass has been mentioned in the media . 44 45 46 on june 14 2015 23 month old prince george son of prince william and kate middleton was photographed at a charity event wearing navy blue crocs . after one week this created a 1 500 percent increase of sales according to an amazon.co.uk spokesperson . 47 48 media edit the shoes have been targets of satire on real time with bill maher maher called for a new rule stop wearing plastic shoes over a photo of crocs 49 and the daily show senior public restroom correspondent rob corddry following up on the senator larry craig june 2007 lewd conduct arrest reported that anyone wearing crocs is signalling anything goes . 50 websites by fans and critics have been created allowing individuals to share their views about crocs . 42 crocs are 6 on the worst list of maxim s the 10 best & worst things to happen to men in 2007 . 51 in 2007 then president george w. bush wore black crocs with socks publicly . 52 in august 2009 first lady michelle obama was spotted wearing crocs with her daughter . 53 a 2008 anti crocs essay by steve tuttle in newsweek 54 generated much response from readers who both agreed and disagreed with it . 55 in late 2009 the company changed marketing direction away from fashion and towards comfort betting that their long term prospects would be best served by appealing to workers who spend a lot of time on their feet . in may 2010 time magazine listed crocs as one of the world s 50 worst inventions . 56 legal actions edit in november 2007 a class action lawsuit was filed against crocs inc. alleging that the company and certain of its officers issued false and misleading statements during the class period . 57 a settlement of 1 000 000 was reached in 2011 . citation needed stock edit crocs completed the initial public offering of its common stock in february 2006 . it began trading on the nasdaq stock market under the symbol crox . on october 31 2007 the stock crox dropped from 75 per share to slightly under 40 its value six months previously when the company announced decreased revenue projections . 58 59 60 61 62 63 64 on april 14 2008 during the midst of the credit crunch of 2008 the stock dropped 30 % in after hours trading after the company issued a press release in which they significantly guided down earnings estimates for the first quarter . in the same statement they also said they would lay off its 600 quebec city factory employees as retailers have been reducing orders though about 100 sales and marketing positions would remain . the retail environment in the u.s. has become increasingly challenging as consumer spending and traffic levels have slowed chief executive officer ron snyder said . during the financial crisis crox dropped to as low as 0.79 before rebounding 15.50 by november 2010 . 65 on october 18 2011 crocs stock suffered a single day drop of