Here's How Sydney Sweeney Boosted Crocs Stock Price This Week
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Carlos Tischler/Eyepix Group/LightRocket via Getty Images Actress Sydney Sweeney posses for photos during an event at the Four Seasons Hotel in Mexico City, on May 2, 2024.
Key TakeawaysCrocs brand Heydude named Sydney Sweeney as its global spokesperson Wednesday.The company previously said it would accelerate Heydude marketing after warning that sales could fall 10% this year.The brand generated 18% of Crocs' $1.1 billion revenue in the second quarter.Crocs shares gained 1% Thursday after rising more than 4% the previous session following news of the partnership with Sweeney.
Crocs (CROX) shares rose for the second day Thursday after announcing a partnership with actress Sydney Sweeney for its Heydude footwear brand. Sweeney, the Emmy-nominated star of HBO’s "Euphoria" and the Sony blockbuster romantic comedy "Anyone But You," will serve as a global spokesperson for the comfort shoe brand, appearing in marketing content for at least the rest of the year.Crocs Ramps Heydude Marketing on Sales FearsEarlier this month, Crocs executives said they would be "accelerating" Heydude marketing in the second half of 2024 after warning that the brand could see sales fall as much as 10% this year. Heydude generated $200 million of the $1.1 billion Crocs reported last quarter. Crocs shares rose 1% Thursday after gaining more that 4% following the news on Wednesday. The stock is up more than 50% year-to-date but remains well off June highs.
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UPDATE: This article has been updated with a stock price chart. Read the original article on Investopedia.
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