Crocs近年的發展呈現出明顯的「由盛轉衰」跡象，這與其定價策略、產品生命周期、消費者審美趨勢變化以及市場競爭態勢密切相關。作為洞洞鞋的鼻祖，Crocs曾憑藉輕便、防水、易清潔以及獨特造型迅速走紅，更藉由鞋面可插入「鞋花」的DIY玩法，讓消費者能夠自由搭配、彰顯個性。這種模式在早期極具話題性與新鮮感，甚至引發年輕族群與潮流圈的追捧。然而，定價一直存在爭議：普通款售價可從250元人民幣到230元不等，而一個僅作裝飾的小小鞋花售價卻高達28至45元，若是全套搭配甚至沒有價格上限。部分限量聯名款更是標價驚人，例如與施華洛世奇合作的「小鯨魚洞洞鞋」售價高達9999元，這種極端高價策略雖然吸引眼球，但也在無形中縮窄消費群體。

從財報數據來看，母公司卡駱馳集團的核心品牌Crocs近五個季度的營收增速持續放緩，從2024年第一季度到2025年第一季度，增速分別為14.6%、9.7%、7.4%、4%、再降至僅2.4%。這種連續性下滑顯示品牌已從高速成長期進入疲態期，消費者對洞洞鞋的熱情明顯消退。由於Crocs佔集團營收超過七成，其疲軟直接拖累整體業績，使得2025年一季度集團營收同比微降0.14%，與2021至2024年間動輒50%以上的高速增長形成鮮明反差，顯示出品牌生命周期中的「成長瓶頸」已經顯現。

反觀同樣被歸類於「醜鞋」風潮的斯凱奇（Skechers），雖然在中國市場的業績也受到一定衝擊，但全球整體表現仍持續上行。2025年第一季度，其營收達到24.1億美元，同比增長7.1%，全年總銷售額89.7億美元，同比增長12%，雙雙創下歷史新高。斯凱奇的成功在於產品線多元化、價位覆蓋廣，並兼顧舒適度與實用性，吸引的不僅是年輕人，還包括大量中高齡與運動休閒人群。相比之下，Crocs在產品類型和消費族群上仍相對單一，過度依賴洞洞鞋這一核心爆款，缺乏能夠接替的強勢新品。

整體來看，Crocs的市場困境並非單純來自「醜鞋」審美的潮流退燒，而是其品牌策略與市場結構暴露出的局限性。一方面，高價與限量策略在初期能製造稀缺感，但長期會造成消費者的價格敏感度上升，並導致大眾市場的流失；另一方面，缺乏產品創新與品類延伸，使得品牌無法有效捕捉下一波消費趨勢。若Crocs無法在設計創意、價格帶布局及產品線擴張上做出調整，未來業績恐將持續承壓。相較之下，斯凱奇透過「舒適+性價比」的定位及全球化策略，成功將「醜鞋潮流」轉化為更穩定且長尾的消費需求，這正是Crocs當前最需要借鑑的突破方向。

Skechers is booming, while “ugly shoe king” Crocs is struggling to sell.

As the pioneer of clogs, Crocs’ pricing has long been controversial: standard models are priced between 250 and 2,300 yuan, while a small shoe charm costs 28–45 yuan. This DIY culture of adding charms to the shoe’s surface can be as cheap or expensive as consumers desire, meaning the “full set price” has no upper limit. Even more eye-watering are rare collaboration editions — for example, the Swarovski-collaboration “Little Whale Clogs” sell for as high as 9,999 yuan.

According to parent company Crocs Inc.’s Q1 2025 report, the flagship Crocs brand’s revenue growth rate has continued to slow. From Q1 2024 to Q1 2025, the growth rates were 14.6%, 9.7%, 7.4%, 4%, and finally 2.4%.

Meanwhile, Skechers, which also plays in the “ugly shoe” segment, has seen a slight dip in performance in the Chinese market but overall remains on the rise. In Q1 2025, Skechers posted revenue of $2.41 billion, up 7.1% year-on-year, with total sales of $8.97 billion, up 12% year-on-year — both figures marking all-time highs.

Since Crocs accounts for more than 70% of the group’s total revenue, the group’s overall performance has been dragged down, with total revenue declining 0.14% year-on-year. Compared to the growth rates from 2021 to 2024 — 66.92%, 53.67%, 11.46%, and 3.53%, respectively — the current downturn is a stark contrast.