$卡骆驰(CROX)$ 前几天 GS 的一个会议，用 AI 转的脚本，中英对照，内容可能有误，请有甄别地看

**Andrew Rees:** Great. And I'll try and wrap those up quickly. So my lawyers would like me to read a little short. So we will make some forward-looking statements that are not historical facts. These statements are subject to risk, etc, etc. And the replay of this will be available on our website. Um, so just to kind of set the stage for two minutes. Um, some of you are very familiar with Crocs, some of you are not. We have two brands, um, despite the name of the company. One is Crocs, that's about 80% of our business, um, that is diversified across a broad range of footwear from clogs to sandals and also personalization. Uh, the Crocs brand trades around the world in over 80 countries and is very well diversified from a geographical perspective. We also own a second brand, Hey Dude, which many of you must probably are less familiar with. Hey dude is a is a casual footwear, um, brand. It uh, uh its iconic styles are the Wally and the Wendy, which are loafer styles. and we bought it a number of years ago. Um, hey dude is about 20% of our overall sales. It's primarily sold here in the United States with a nacent international business that is emerging and um, it's profitable today, but is uh is a brand that we're investing in for future growth. As a company, um one of the most important characteristics of our company, um is that we are incredibly profitable, very high cash flow, and that's a key part of our shareholder return strategy in terms of being able to leverage that cash flow uh to buy back stock and return um equity or return uh money to shareholders. Uh recently we announced our Q2 earnings that are very solid. Q2 performed very well really in the first half of the year. Um as we look to the back half of the year, a couple of things going on. We are increasingly uh uh cautious around the consumer. We see signs of the consumer being more cautious than they have been historically. Uh and potentially what might differentiate us from some other companies that sell into the footwear space is we have a very broad consumer base from the very high-end consumer to the very uh moderate consumer. We particularly see that concern around pricing and around the constrained budgets with that moderate consumer. And we also see retailers, our wholesale customers acting cautiously in this environment, and we see a little pressure from an athletic trend. So as athletic is taking a little bit of open to buy in some key channels, it's really squeezing the casual portion of the business. In addition to uh some of those headwinds, we've also made some important strategic choices around protecting our brands for their long-term uh success, long-term growth and long-term position in the marketplace, reducing discounts in terms of how much so trying to get some um some some benefit or get some money back to compensate for tariffs um by by focusing on net price, so reducing discounts on the Crocs brand. and we're also taking some strategic steps on the Hadu brand to clean up distribution. So as we look to the rest of the year, um our um guidance is more muted. We talked, we think about Q3, guidance we provided for Q3, overall sales will be down 9 to 11%. Um and uh the majority of that compression would really come from Hey dude with a Crocs brand um in the low single digits in terms of decline um with growth internationally. So hopefully that kind of sets the stage. I'm going to take too much of your time, but um.

**Andrew Rees:** 好的。我会尽快讲完。我的律师希望我简短地念一下。我们将做出一些前瞻性声明，这些声明并非历史事实。这些声明受到风险等因素的影响。本次谈话的重播将在我们的网站上提供。嗯，那么我就用两分钟时间简单介绍一下情况。嗯，你们中有些人对 Crocs 非常熟悉，有些人则不然。尽管公司名叫 Crocs，但我们有两个品牌。一个是 Crocs，约占我们业务的 80%，产品多样化，涵盖从洞洞鞋到凉鞋的各种鞋类，还包括个性化定制。Crocs 品牌在全球 80 多个国家进行销售，在地理分布上非常多元化。我们还拥有第二个品牌 Hey Dude，你们中的许多人可能不太熟悉。Hey Dude 是一个休闲鞋品牌，其标志性款式是 Wally 和 Wendy，它们是乐福鞋的款式。我们是在几年前收购它的。嗯，Hey Dude 约占我们总销售额的 20%。它主要在美国销售，同时一个新兴的国际业务正在崛起。嗯，它目前是盈利的，但我们正在为这个品牌的未来增长进行投资。作为一家公司，我们最重要的特点之一就是我们盈利能力极强，现金流非常高，这是我们股东回报策略的关键部分，即能够利用这些现金流回购股票，并将股权或资金回报给股东。最近，我们公布了第二季度的财报，表现非常稳健。第二季度，实际上是整个上半年，都表现得非常好。展望下半年，有几件事情正在发生。我们对消费者越来越持谨慎态度。我们看到消费者比以往更加谨慎的迹象。我们与鞋类领域其他公司的不同之处可能在于，我们拥有非常广泛的消费群体，从最高端的消费者到非常中等的消费者。我们尤其在那些中等消费者身上看到了对定价和预算受限的担忧。我们也看到零售商，即我们的批发客户，在这种环境下表现得非常谨慎，而且我们感受到来自运动潮流的一些压力。由于运动品牌在一些关键渠道占据了一些“open to buy”（采购预算），这确实挤压了休闲鞋业务的份额。除了这些不利因素，我们还做出了一些重要的战略选择，以保护我们的品牌，确保其长期的成功、增长和市场地位，包括减少折扣，试图通过关注净价来收回一些利润以补偿关税，也就是减少 Crocs 品牌的折扣。我们还在对 Hey Dude 品牌采取一些战略措施来清理分销渠道。因此，展望今年余下的时间，我们的指引更为保守。我们谈到，我们认为第三季度的指引，我们为第三季度提供的指引是，总销售额将下降 9% 至 11%。嗯，这种压缩大部分将来自 Hey Dude，而 Crocs 品牌将在国际业务增长的背景下，出现低个位数的下滑。希望这能为大家简单介绍一下情况。我不会占用大家太多时间，但是……

**Kerry Burke:** Well, you were one of many companies that had announcements uh over Labor Day weekend and on Friday. So why don't we start with the Friday announcements uh on the on the CFO transition?

**Kerry Burke:** 好的，你们是劳动节周末和周五发布公告的众多公司之一。那么，我们何不从周五关于首席财务官（CFO）变动的公告开始呢？

**Andrew Rees:** Yes. So we were really happy to announce a new CFO uh for Crocs. Uh Patrick Reagan uh will be starting as CFO in uh on the 22nd of September, so in just a few short weeks. Uh Patrick joins us most recently from Shark Ninja, which I think we're also here at the conference today. And uh where he was uh he was CFO, but prior to that, he was um uh he spent 14 years with Nike uh in uh in a variety of positions including some international placements. So we're excited that um Patrick brings I think a wealth of footwear experience um and uh and as he said in his uh in our courting process was uh, you know, Crocs is one of the companies he really dreamed about working for. So, um we're excited.

**Andrew Rees:** 是的。我们非常高兴地宣布了 Crocs 的新任首席财务官。Patrick Reagan 将于 9 月 22 日开始担任首席财务官，也就是在短短几周后。Patrick 最近是从 Shark Ninja 加入我们的，我想他们今天也来参加了会议。他在那里担任首席财务官，但在此之前，他在耐克工作了 14 年，担任过各种职位，包括一些国际职位。所以我们很高兴，Patrick 带来了丰富的鞋类行业经验。而且，正如他在我们与他接洽的过程中所说，Crocs 是他真正梦想为之工作的公司之一。所以，我们很兴奋。

**Kerry Burke:** Great. You also re-affirmed your quarterly guidance.

**Kerry Burke:** 太好了。你们还重申了你们的季度指引。

**Andrew Rees:** Absolutely.

**Andrew Rees:** 当然。

**Kerry Burke:** Any insights you can share on back to school, um, how you're seeing trends so far?

**Kerry Burke:** 关于返校季，您有什么见解可以分享吗？目前您看到的趋势是怎样的？

**Andrew Rees:** Yeah, I think, uh, I would say back to school in the third quarter has really much played out as we expected it to, right? So, um, so obviously we reaffirmed our guidance. I think, um, back to school is not necessarily the hugest time for our brands, right? It's very much an athletic or a key brand period. Our brands do well in back to school, but it's not a significant peak. We did see back to school tighten up a little bit in terms of the number of weeks that uh the the consumer was out shopping. The other thing that did happen in Q3, which was beneficial, um was the uh tax holidays. Um they're often timed with back to school, but we saw many states across the country extend their tax holidays. For example, Florida was essentially had a tax holiday for a month this year, and it was a week last year. Um, so that was another dynamic that was going on during the quarter. I think we still see the consumer behaving as they've behaved, you know, to this point in the year, the low-end consumer is choiceful and cautious. The high-end consumer has got plenty of money and is shopping. Um but I think we've kind of calibrated about right from a guidance perspective.

**Andrew Rees:** 是的，我认为，第三季度的返校季表现和我们预期的差不多，对吧？所以，我们显然重申了我们的指引。我认为，返校季不一定是我们品牌最重要的时期，对吧？它更多是运动品牌或关键品牌的时期。我们的品牌在返校季表现不错，但并非一个显著的高峰期。我们确实看到返校季的购物周期有所缩短，消费者外出购物的周数减少了。第三季度发生的另一件有益的事情是免税假期。它们通常与返校季时间重合，但我们看到全国许多州延长了免税假期。例如，佛罗里达州今年的免税假期基本上持续了一个月，而去年只有一周。所以，这是本季度发生的另一个动态。我认为我们仍然看到消费者的行为与今年以来一直表现的一样，低端消费者在选择上很挑剔且谨慎。高端消费者则有很多钱并且在购物。但我认为，从指引的角度来看，我们的校准是基本正确的。

**Kerry Burke:** Yep. Why don't we, um, double click on the Crocs brands first? Um, some of the areas of focus for investors as of late has been your more cautious tone on North America. Um, what are some of the key drivers of of that slowdown? You just mentioned the consumer being a little bit more.

**Kerry Burke:** 好的。我们为什么不先深入探讨一下 Crocs 品牌呢？最近，投资者关注的焦点之一是你们对北美市场更为谨慎的论调。导致这种放缓的关键驱动因素是什么？您刚才提到消费者变得更加……

**Andrew Rees:** Yeah, yeah, maybe I'll kind of double click on that and then also say what we're going to do about it, right? which is Perfect. Um so the really the key driver of that more cautious tone in in North America is that consumer concern uh and and I think we're appropriately um thinking that the consumer does no we don't see any pivot point in the near future for the consumer to change their current trajectory. Um, um, so we plan that forward. Um, and then um, and then additionally the strategic actions we've taken, so trying to get net price by reducing discounts on the Crocs brand. That's particularly within our DTC channels where we can control that directly. Um, so in terms of uh, of how we're reacting to that, I think it's important that we can continue to diversify our clog business. Uh, we're introducing a number of uh new clogs, um, over the over the current remainder of this year into next year, with Echo, Arrow, with Crafted, which is a classic clog covered with materializations. Um, those continued, those appear to be performing very well out of the gates. And then also fuzz and uh and line product for the winter where we have some significant renovations and innovations of the products that we had in the marketplace there. Sandals performed very well in 20, uh, 2025 during the summer sandal season, particularly here in North America as we expanded distribution on sandals and wearing occasions. And we have, um, I would say pretty significant uh enhancements to our lineup for next year, and we anticipate sandals performing well in North America and rest of world. Um and then personalization, we continue to lean strongly into personalization, continues to be an incredible mega trend. We um a fun fact, we opened a store several weeks ago here in Soho, New York, um where we massively expanded our personalization offering and it dramatically increased the percentage of sales. I'll get yelled at me if I tell you how much, but uh dramatically increased the percentage of sales that we do on personalization. And as everybody's probably intuitively aware, that's an incredibly high margin category. Yeah. So that's exciting.

**Andrew Rees:** 是的，是的，也许我可以深入谈谈这一点，然后也说说我们打算怎么做，对吧？这很好。嗯，在北美市场采取更谨慎论调的关键驱动因素确实是消费者的担忧。而且我认为我们适当地认为，我们没有看到在不久的将来消费者会改变他们当前轨迹的任何转折点。所以我们对此有所规划。然后，另外还有我们采取的战略行动，即通过减少 Crocs 品牌的折扣来提高净价。这尤其是在我们的 DTC（直接面向消费者）渠道中，我们可以直接控制。嗯，就我们如何应对这一点而言，我认为继续使我们的洞洞鞋业务多样化非常重要。我们正在推出一系列新款洞洞鞋，从今年余下的时间到明年，包括 Echo、Arrow，以及 Crafted，这是一款覆盖了不同材质的经典洞洞鞋。这些产品一经推出就表现得非常出色。然后还有冬季的毛绒和内衬产品，我们对市场上的现有产品进行了一些重大的改造和创新。凉鞋在2025年夏季表现得非常好，特别是在北美，因为我们扩大了凉鞋的分销渠道和穿着场合。而且，我想说明年我们的产品线将有相当大的增强，我们预计凉鞋将在北美和世界其他地区表现良好。然后是个性化定制，我们继续大力投入，这仍然是一个令人难以置信的大趋势。我们，一个有趣的事实是，几周前我们在纽约苏豪区开了一家店，在那里我们极大地扩展了个性化定制服务，这显著增加了销售额的百分比。如果我告诉你们具体数字，我会被骂的，但我们个性化定制的销售额百分比确实大幅增加了。正如大家可能直觉地意识到的，这是一个利润率极高的品类。是的，所以这很令人兴奋。

**Kerry Burke:** On your Q2 earnings, you highlighted that improving athletic trends could pose a headwind to casual footwear more broadly. Could you explain your thought process behind that a little bit more?

**Kerry Burke:** 在你们第二季度的财报中，您强调了运动趋势的改善可能对整个休闲鞋市场构成逆风。您能更详细地解释一下背后的思路吗？

**Andrew Rees:** Yeah, I mean it's just really the dynamics of open to buy, right? So, um, if I think about our large wholesale customers, family channel sporting goods, um they are, I think they're planning their business appropriately cautiously, particularly the family channel. The sporting goods I think a little bit more optimistic. Um but so they essentially planning their businesses down. um as they think about the remainder of this year and early part of next year. So that constrains open to buy. and then if they need and want to give a bigger share to athletic, it further constrains open to buy. So it's just a dynamics of where they think the consumer is going to be. Now, obviously, our job is to um, is to give the consumer incentive to purchase Crocs and get them into the store to purchase Crocs. Um and uh I think they're also taking a little bit of a wait and see approach, which is they're not essentially spending all of their open to buy. They're keeping some in their pocket and they'll chase the things that are working. So if we can derive consumer demand uh larger than um the uh the the purchases, we could potentially get some opportunity there.

**Andrew Rees:** 是的，这其实就是“open to buy”（采购预算）的动态，对吧？所以，如果我考虑我们的大型批发客户，比如家庭渠道和体育用品渠道，我认为他们在规划业务时都相当谨慎，特别是家庭渠道。体育用品渠道我认为要乐观一些。但他们基本上都在缩减业务规划，尤其是在考虑今年余下时间和明年初的时候。这就限制了“open to buy”。然后，如果他们需要并且想要给运动品牌更大的份额，这会进一步限制“open to buy”。所以这只是他们认为消费者会去向哪里的动态。现在，显然，我们的工作是激励消费者购买 Crocs，让他们进店购买 Crocs。而且我认为他们也采取了一种观望的态度，也就是说他们基本上不会花掉所有的“open to buy”。他们会留一些在口袋里，然后去追逐那些行之有效的商品。所以如果我们能创造出比采购量更大的消费者需求，我们就有可能在那里获得一些机会。

**Kerry Burke:** Great. Crocs is more international than I think most people probably realize. Where do you see white space internationally and what gets you excited about your continued momentum there?

**Kerry Burke:** 好的。Crocs 的国际化程度比大多数人想象的要高。您认为在国际上还有哪些空白市场？是什么让您对公司在那里持续的增长势头感到兴奋？

**Andrew Rees:** Yeah, um we see a lot of white space internationally. So, another fun fact, in Q2, uh Croc sales were actually bigger outside the United States than they were inside the United States. And if you went back to, I'll get this wrong, but I think it's 2014, 2015, uh Crocs was about 60% international sales, 40% domestic. and what's happened since then is the domestic business, the US business has just grown extremely rapidly, and now we're growing the international business rapidly. Um so, uh it's obviously a big world. So what we do is really focus on the big markets. So the biggest footwear markets are really uh China, Japan, Western Europe, India is important, South Korea is important. So we have a series of markets we call tier one markets. Those markets have um uh full uh uh full multi-channel distribution, they have teams on the ground, and they have uh top-tier marketing spend in terms of uh generating the brand in the markets. We also use distributors in a lot of markets where we don't want to put all of those resources on the ground, or there's something unique about the market or risky about the market that we don't want to take on. So South Africa for example, which happens to be a really good market for Croc and Hey dude, um but it's not a market that we want to um have feet on the ground and investments in the local currency. Um so that's our kind of approach to thinking about the international business, but the macro point is that the average penetration, the average market share we have in our international markets is about a third what we have in our major leading markets like the US. So if you were to believe that you could get to the same market share, there's a lot of white space in the majority of the globe.

**Andrew Rees:** 是的，我们在国际上看到了很多空白市场。另外一个有趣的事实是，在第二季度，Crocs 在美国以外的销售额实际上比在美国国内的还要大。如果你回到，我可能会记错，但我想是 2014、2015 年，Crocs 大约 60% 是国际销售，40% 是国内销售。从那时起，国内业务，也就是美国业务，增长得非常迅速，而现在我们的国际业务也在快速增长。嗯，世界显然很大。所以我们做的就是真正专注于大市场。最大的鞋类市场实际上是中国、日本、西欧，印度很重要，韩国也很重要。所以我们有一系列我们称之为一级市场的市场。这些市场拥有完整的全渠道分销，有当地团队，并且在市场推广品牌方面有顶级的营销投入。我们也在很多市场使用分销商，在那些我们不想投入所有资源，或者市场有一些独特性或风险我们不想承担的地方。比如南非，它对于 Crocs 和 Hey Dude 来说是一个非常好的市场，但我们不想在那个市场建立地面团队和进行当地货币的投资。所以这是我们思考国际业务的方式，但宏观上讲，我们在国际市场的平均渗透率，也就是平均市场份额，大约是我们主要领先市场（如美国）的三分之一。所以如果你相信我们可以达到同样的市场份额，那么全球大部分地区都还有很大的空白市场。

**Kerry Burke:** Right. Let's switch to Hey Dude. Um, so you're taking some significant actions to reset the brand uh in the near term. Can you speak a little bit about some of the changes that you've made and where you see the company going?

**Kerry Burke:** 好的。我们来谈谈 Hey Dude。嗯，你们正在采取一些重大措施在短期内重塑这个品牌。您能谈谈你们做出的一些改变以及您认为公司未来的发展方向吗？

**Andrew Rees:** Yes. Um, so, uh, let me sort of step all the way back again for Hey dude. We bought the brand almost three years ago, actually over three years ago now. Um, and, um, the reason we bought the brand and when the reason we bought a brand that was, you know, significantly scaled already is we wanted to give some diversification to to shareholders and investors in in the Crocs Inc company. Um, because historically if you invested in Crocs, you were buying a company that was a single brand and very highly concentrated in a relatively small set of products. So we heard very strongly from investors that they wanted more diversification and we felt this was a compelling brand to drive that, to enable that diversification um because it sold at a similar price point in similar distribution, it felt like it was a consumer that we understood, um but yet enabled a much bigger market size for us to focus on. Um we've definitely had some challenges since we've uh since we purchased the brand and since we operated over the last three years. At this point, I think we're doing really a number of critical things. Number one is um is we're cleaning up the wholesale market here in the United States. As I mentioned at the beginning, the majority of sales are here in the United States and uh we felt like we were over distributed and we had too much aged inventory in the marketplace in the in the wholesale marketplace. We've taken a number of made a number of investments to clean that up over the last several quarters, um but we decided to make a bigger investment in the remainder of this year and get that behind us. Um that was one thing. The second thing we decided to do is as we looked at the um performance marketing spend, we we saw that we were felt like we're spending too much money on performance marketing and not enough on brand marketing. So we've taken the performance marketing uh budget down, which does have a a a cost in terms of we miss sales that we might otherwise have been able to attract. Um but as we looked at the marginal profitability of those sales, it was very, very low if not negative. Um so we're improving the profitability of the brand, taking a bit of a sales hit, but resetting for the future. So those are the actions we're taking right now. More importantly uh is what we're trying to do for the future. Um so we've got a significant number of new team members, so we've retool the team for Hey dude, brought in a head of commercial from Adidas uh several months ago, Rupert Campbell, um is doing extremely well. Uh we we brought in a new um head of product for the brand, actually came over from Crocs, um who is uh is doing an amazing job. Um and uh and really strengthened the team uh internally within uh within Hey dude. So as we look at our product pipeline, um we look at our marketing strategies, we look at what we're planning to do over the next 12 months, I think we feel really good about the trajectory we're on. And I would say from uh investor's perspective, I think just be assured, we recognize uh this is something we need to fix and we're going to focus on it intensively to fix it.

**Andrew Rees:** 是的。嗯，那么，让我再从头说起 Hey Dude。我们差不多在三年前收购了这个品牌，实际上现在已经超过三年了。我们收购这个品牌，而且是收购一个已经有相当规模的品牌的原因是，我们想为 Crocs 公司的股东和投资者提供一些多样化。因为在历史上，如果你投资 Crocs，你买的是一家单一品牌、产品高度集中在相对少数几个产品上的公司。所以我们从投资者那里强烈地听到他们想要更多的多样化，我们觉得这是一个很有吸引力的品牌，可以推动并实现这种多样化，因为它以相似的价格点在相似的分销渠道销售，我们觉得我们了解它的消费者，但它又能让我们关注一个更大的市场。自从我们收购并运营这个品牌过去三年以来，我们确实遇到了一些挑战。在这一点上，我认为我们正在做一些非常关键的事情。第一，我们正在清理美国的批发市场。正如我一开始提到的，大部分销售额来自美国，我们觉得我们的分销过于广泛，并且在批发市场中有太多的过时库存。在过去的几个季度里，我们进行了一些投资来清理这些库存，但我们决定在今年余下的时间里进行更大的投资，彻底解决这个问题。这是一件事。我们决定做的第二件事是，当我们审视效果营销支出时，我们发现我们在效果营销上花了太多钱，而在品牌营销上投入不足。所以我们削减了效果营销的预算，这确实有代价，因为我们错失了一些本可以吸引到的销售。但当我们看这些销售的边际利润时，它非常非常低，甚至是负的。所以我们正在提高品牌的盈利能力，虽然销售额会受到一些影响，但这是为了未来的重置。这些是我们目前正在采取的行动。更重要的是我们为未来所做的努力。我们有了一批重要的新团队成员，我们为 Hey Dude 重组了团队，几个月前从阿迪达斯请来了一位商务主管 Rupert Campbell，他做得非常出色。我们还为品牌请来了一位新的产品主管，他实际上是从 Crocs 调过来的，他做得非常出色。我们确实加强了 Hey Dude 内部的团队。所以当我们看我们的产品线、我们的营销策略、以及我们计划在未来 12 个月内要做的事情时，我认为我们对我们所处的轨道感觉非常好。我想从投资者的角度来说，请放心，我们认识到这是一个需要解决的问题，我们将集中精力去解决它。

**Kerry Burke:** And no one in the room is wearing a cowboy hat, but if you want to talk a little bit about your new Hey Dude country launch. That's that could be interesting as well.

**Kerry Burke:** 房间里虽然没人戴牛仔帽，但如果您想谈谈你们新推出的 Hey Dude 乡村系列，那可能也很有趣。

**Andrew Rees:** Yeah. I know. So Hey dude country uh is really a pivot to the core consumer, right? So, uh we spent some time over the last 12 months really trying to attract a new consumer to Hey dude. And those investments while productive were not sufficiently productive to counteract for the distraction they provided in terms of talking to the core consumer. Now you might say that's a tautology that pretty much always happens. Well, it it's it's definitely occurred. So, um, uh so Hey Dude country allows us to pivot as an umbrella back to our core consumer. So for those of you that are not aware, the Hey Dude brand is most strong is is most strong in select areas of the country. So if you think about kind of the Midwest running down to um down to Texas and then and then what I call a lower case H going up through, you know, Tennessee and the Carolinas down into Florida, that's Hey Dude country, right? So those are the places where the brand has the highest awareness, where the products on the shelf in a store that we might operate or a store that one of our wholesalers operate, it sells at a very different trajectory than it does in the Northeast or the West Coast. Um so what we're doing with Hey Dude country is celebrating our core consumer, we're focusing our marketing investment on them, we're encouraging them to come back and buy new pairs. Uh we're then also looking for people that look like them in other parts of the country so we can expand the brand. Uh we're looking more towards him than her, but ignoring her because he is definitely the core of the consumer. And I would say early signs, our relationship with Riley Green, some of the work that we've done uh to date, some of the work that we're doing at college football with NL athletes, etc. Um and also producing um um SEC uh branded shoes, we're really seeing a you know, we're getting we're seeing early signs that it's getting traction with the consumer and it's encouraging.

**Andrew Rees:** 是的。我知道。所以 Hey Dude 乡村系列实际上是向核心消费者的一个转向，对吧？在过去的12个月里，我们花了一些时间试图为 Hey Dude 吸引新的消费者。这些投资虽然有成效，但成效不足以抵消它们在与核心消费者沟通方面所造成的分心。你可能会说这是一个几乎总会发生的同义反复。嗯，它确实发生了。所以，Hey Dude 乡村系列让我们能够作为一个总括性的概念，重新转向我们的核心消费者。对于那些不了解的人来说，Hey Dude 品牌在美国的特定地区最为强势。如果你想象一下，从中西部一直到德克萨斯州，然后再像一个小写的“h”一样，穿过田纳西州和卡罗来纳州，一直到佛罗里达州，那就是 Hey Dude 的地盘，对吧？在这些地方，品牌的知名度最高，无论是在我们自己经营的商店还是批发商的商店里，产品的销售轨迹都与东北部或西海岸截然不同。所以我们通过 Hey Dude 乡村系列来致敬我们的核心消费者，我们将营销投资集中在他们身上，鼓励他们回来购买新款。然后我们也在全国其他地区寻找与他们相似的人，以便我们能够扩展品牌。我们更多地关注男性消费者而非女性，但不是忽略女性，因为男性绝对是核心消费者。我想说，早期的迹象，我们与 Riley Green 的合作，我们迄今为止所做的一些工作，我们在大学橄榄球与 NIL 运动员合作所做的工作等等，以及生产带有 SEC（东南联盟）标志的鞋子，我们真的看到了，我们看到了早期迹象，它正在获得消费者的青睐，这令人鼓舞。

**Kerry Burke:** And moving from marketing for Hey Dude over to marketing for Crocs, any other brand strategies or marketing on on that we should think about?

**Kerry Burke:** 从 Hey Dude 的市场营销转向 Crocs 的市场营销，关于后者，还有其他我们应该考虑的品牌战略或营销策略吗？

**Andrew Rees:** Yeah, I think we're um we've definitely focused on um uh we we've made some strategic choices around personnel. So Terence Riley is some of you, a name some of you may be aware of. Terence was with us uh a while ago and he was the chief marketing officer for Crocs as we really invented the the marketing strategy that we've been pursuing for Crocs. Terence took a break from us and went to to Stanley, the uh the drink uh company, not the tool company. And uh really drove the incredible um popularity and growth of the Stanley business. He came back to us a year ago. Initially, we had him as head of Hey dude, but now we moved him into a position called um where he oversees marketing for both brands. And I think what Terrence's secret sauce is really all about um marketing innovation. Um how do you reach the consumer in new and innovative ways that you can stand out relative to other people who are trying to reach the consumer and get in their ears. Um and um I would say a few things that we are focusing on um that we're we're liking the trajectory of is uh is social selling. Um you know the Crocs brand is the uh is the number one brand, number one footwear brand on Tik Tok shop here in the US. Um the Hey dude brand is the number third, number three brand on Hey dude on uh Tik Tok shop, actually was the number one last week. Um so both of our brands are performing extremely strongly and we're leaning into social selling. Now why are we leaning into social selling you might ask? Um because a couple of things. One is you it's basically marketing that you get paid for. Um is the way to think about it. So we can make money and the margins are are very appealing in terms of selling the product. and we're able to measure a halo from that activity to our other channels. We can measure a halo over on our website, we can measure a halo over on to Amazon, we can measure a halo into store. Um so uh we're really excited about that. We've obviously done a lot of this in China over the last several years, but we're delighted that that channel is available here in the US today. uh and Tik Tok shop is opening quite quickly around the world. So we've already opened in the UK, um we're opening in Western Europe and some of the biggest markets are in Southeast Asia from a consumer connectivity. The other thing that we're also experimenting with is live streaming. Again, comes over from China where it's a a really critical um selling tool. Um and again, it's a selling tool, so there's a commercial aspect to it, but more importantly, there's a storytelling aspect to it. And as I think about the consumer today, the consumer is receptive to authentic messages and storytelling from people like them or people that they can relate to versus TV commercials. Um so I'd say really focus on the innovation associated with marketing and reaching the consumer in new and unexpected ways.

**Andrew Rees:** 是的，我认为我们，我们肯定关注了，我们在人事方面做出了一些战略选择。所以 Terence Riley，你们中一些人可能知道这个名字。Terence 不久前曾和我们在一起，他是 Crocs 的首席营销官，当时我们真正开创了我们一直沿用的 Crocs 营销策略。Terence 离开我们一段时间，去了 Stanley，就是那个饮料公司，不是工具公司。他确实推动了 Stanley 业务令人难以置信的知名度和增长。他一年前回到了我们这里。最初，我们让他担任 Hey Dude 的负责人，但现在我们把他调到了一个职位，负责两个品牌的市场营销。我认为 Terence 的秘诀就在于营销创新。如何以新颖和创新的方式接触消费者，让你能够在其他试图接触消费者并进入他们视野的人中脱颖而出。我想说我们正在关注的几件事，而且我们很喜欢其发展轨迹的，就是社交销售。你知道 Crocs 品牌是美国 TikTok 商店上的第一品牌，第一鞋类品牌。Hey Dude 品牌在 TikTok 商店上是第三品牌，上周实际上是第一。所以我们的两个品牌都表现得非常强劲，我们正在大力发展社交销售。你可能会问，我们为什么要大力发展社交销售？有几个原因。第一，这基本上是能让你赚钱的营销。可以这么理解。所以我们可以赚钱，而且销售产品的利润率非常有吸引力。我们能够衡量这项活动对我们其他渠道的光环效应。我们可以在我们的网站上衡量光环效应，可以在亚马逊上衡量，也可以在实体店里衡量。所以我们对此非常兴奋。过去几年我们在中国显然做了很多这方面的工作，但我们很高兴今天这个渠道在美国也可用了。而且 TikTok 商店正在全球迅速扩张。我们已经在英国开通，我们正在西欧开通，从消费者连接的角度来看，一些最大的市场在东南亚。我们也在试验的另一件事是直播。同样，这也是从中国传过来的，在那里它是一个非常关键的销售工具。同样，它是一个销售工具，所以有商业方面，但更重要的是，它有讲故事的方面。当我思考今天的消费者时，消费者更容易接受来自像他们一样的人或他们能产生共鸣的人的真实信息和故事，而不是电视广告。所以我认为，真正要关注的是与营销相关的创新，以及用新颖和意想不到的方式接触消费者。

**Kerry Burke:** Great. One question that we're asking um every company at our conference is the health of the consumer. And do you expect the health of the consumer to be better, the same or worse in 2026 versus 25?

**Kerry Burke:** 很好。我们在会议上问每家公司的一个问题是关于消费者的健康状况。您预计 2026 年与 2025 年相比，消费者的健康状况会更好、相同还是更差？

**Andrew Rees:** Um, I would say in the US, I think the consumer will be the same as they are in the back half of 25 in 26. I don't see any significant pivot point that I believe is going to make them be worse or better. So my assumption is they'll be the same. Um, but obviously it's a relatively unpredictable landscape today. Um, on a global basis, um, the answer could be a little bit different. I think on a global basis, um, I think in Asia, the consumer actually could be more buoyant than it is today, uh, because the uh, China economy is quite a pressure on the China consumer, but also the broader Asian economies because so much of their um, commerce flows to those economies. And I think that they're very proactively stimulating that consumer and those economies, so I think there'll be some improvement there.

**Andrew Rees:** 嗯，在美国，我认为 2026 年的消费者状况将与 2025 年下半年相同。我没有看到任何我认为会导致情况变得更糟或更好的重大转折点。所以我的假设是他们会保持不变。当然，今天的形势相对难以预测。在全球范围内，答案可能会有些不同。我认为在全球范围内，亚洲的消费者实际上可能会比今天更有活力，因为中国经济对中国消费者以及更广泛的亚洲经济体都构成了相当大的压力，因为他们大量的商业活动都流向这些经济体。我认为他们正在非常积极地刺激那里的消费者和经济体，所以我觉得会有一些改善。

**Kerry Burke:** And with that as a backdrop, how are you thinking about the competitive landscape today?

**Kerry Burke:** 在这个背景下，您如何看待今天的竞争格局？

**Andrew Rees:** Um, it's dynamic. I think uh, as we think about the the places that we compete, um, we see, uh, we see competition from above and below, right? So we see smaller brands coming up that are maybe trying to take a piece of our business whether it be on the molded side or on the on the Hadude side, um but we also see some of the bigger brands that we scaled trying to address the wear in occasion that we um that we address. Um so I think, you know, there is uh there's always competition, um but as we've gotten bigger, we do see more competition. And I think the the ows is on us is to continue to innovate from a product perspective and bring new and unexpected and and uh and successful products to market, but but also innovate from a marketing perspective and engage the consumer in ways that other companies wouldn't be prepared to do. So Tik Tok shop for an example, right? Like we're a pretty modest sized brand in the US marketplace. It's sort of mind-blowing that we'd be the number one brand on Tik Tok shop relative to all those others that exist. And so I think that's just a testament to the speed with which we can move and the willingness to experiment and take risks, which doesn't exist in other brands.

**Andrew Rees:** 嗯，这是动态的。我认为，当我们考虑我们竞争的领域时，我们看到来自上方和下方的竞争，对吧？所以我们看到一些较小的品牌正在崛起，它们可能试图在模压鞋或 Hey Dude 方面抢占我们的业务份额。但我们也看到一些我们已经规模化的更大品牌，试图进入我们所关注的穿着场合。所以我认为，总是有竞争的，但随着我们规模的扩大，我们确实看到了更多的竞争。我认为责任在于我们，要继续从产品角度进行创新，向市场推出新颖、出人意料且成功的产品，同时也要从营销角度进行创新，以其他公司不准备做的方式与消费者互动。以 TikTok 商店为例，对吧？我们在美国市场是一个规模相当适中的品牌。我们能成为 TikTok 商店上相对于所有其他品牌的第一品牌，这有点令人难以置信。所以我认为这证明了我们的行动速度以及我们尝试和承担风险的意愿，这在其他品牌中是不存在的。