Young soles: Crocs are crushing it with Gen Z

9/29/22 8:00PM

Foam party

‍Crocs are still in growth mode. The company, known for its foam footwear, capitalized on its recent success earlier this year, acquiring shoe brand Hey Dude for some $2.5bn. Under the Crocs corporate umbrella, Hey Dude is now itself looking to open a new 730,000 sq ft distribution center in Las Vegas.

Although not a mainstream brand, Hey Dude has a quiet legion of fans, and crucially, many of those fans are young. In a biannual survey of US teens, Hey Dude ranked among teens' top 10 favorite shoe brands for the second year running — making them the perfect addition to the original Crocs line-up, which remains a Gen Z favorite. Indeed, Crocs has a 60% approval rating amongst Gen Zers, some 13% above the millennial market rate according to Morning Consult.

‍A Gen Z shoe empire

‍As we head into Croctober, when the brand will celebrate its 20th birthday, the sandal sellers are likely planning how to continue to scale Hey Dude — luckily they have a blueprint. Crocs became a veritable fashion statement after collaborations with Bieber, Balenciaga, Bad Bunny and others. Jibbitz gave comfort-seeking clog wearers the ability to customize their Crocs with charms (they also weren't cheap). Crocs, once the butt of many jokes, are quietly building a Gen Z shoe empire.

‍Related reading: Websites, apps, and tasty snacks — report reveals Gen Z’s favorite brands.

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JetBlue is raising its bag fees as fuel costs squeeze airlines

JetBlue will reportedly hike its bag fees, as the cost of jet fuel continues to climb amid the war in Iran. It’s the latest example of carriers finding ways to push rising costs onto travelers.

Last week, United Airlines CEO Scott Kirby said that if fuel prices remain elevated, fares would need to rise another 20% for his airline to break even this year.

As CNBC reported, when one airline raises fees, others tend to follow.

Earlier this month, JetBlue hiked its first-quarter outlook for operating revenue per seat mile to between 5% and 7%, saying that strong Q1 demand helped “partially offset additional expenses realized from operational disruptions and rising fuel costs.” Now, the carrier appears to be making moves to further boost revenue to offset those costs.

Earlier on Monday, JetBlue rival Alaska Air lowered its Q1 profit forecast. The refining margins for the carrier’s cheapest fuel option — sourced from Singapore and representing about 20% of Alaska’s overall supply — have spiked 400% since February.

JetBlue did not immediately respond to a request for comment.