Crocs, Inc.

Crocs owns two recognizable brands with distinctive product DNA (Croslite clogs; lightweight loafers) and very efficient scale in molded casual footwear. Moat pillars are brand and cost structure rather than switching costs or network effects. Personalization via Jibbitz and strong DTC helps reinforce loyalty, but copycats and trend risk remain.

Sourcing concentration and tariff sensitivity can compress advantages. International expansion diversifies demand but adds execution complexity. Overall we view the moat as narrow and susceptible to fashion cycles rather than structural lock‑in.