Italian Crocs

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When Crocs announced in December it was buying Hey Dude, Wall Street had doubts. 
The stock immediately plunged 12% as investors questioned why Crocs was dropping $2.5 billion on a little-known Italian shoe company. 
But Crocs perhaps knew something investors didn't: Hey Dude, a brand known for its comfortable, lightweight shoes that arrive in biodegradable packaging, has been quietly amassing legions of Gen Z fans. 
According to Piper Sandler's latest biannual survey of US teens, Hey Dude ranked among teens' top 10 favorite shoe brands for the second survey in a row. Back in 2019, Hey Dude ranked 54th among the teens surveyed — by 2020, it had jumped to 17th. In December, Piper Sandler called Hey Dude one of the fastest-rising brands it tracks, according to CNBC.Crocs CEO Andrew Rees told CNBC at the time that buying Hey Dude was a way to "add another brand, which has its own icon," rather than diversify away from Crocs' ubiquitous clog. 

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