Crocs Adds Tenured Product Leader Lori Foglia to Senior Leadership Team Among Unprecedented Growth

Rhea-AI Summary

Crocs, Inc. (NASDAQ: CROX) announced the hiring of Lori Foglia as Senior Vice President and Chief Product and Merchandising Officer, effective October 18, 2021. Foglia brings nearly 25 years of experience from Victoria's Secret and LBrands, where she led significant sales strategies. Crocs aims for a revenue goal of $5 billion by 2026, with a compound annual growth rate of over 17%. Additionally, Erik Olson has been promoted to Senior Vice President, Global Sourcing and Product Execution. This leadership change occurs as Crocs experiences unprecedented growth and sets a net-zero goal by 2030.

Positive

• Appointment of Lori Foglia, enhancing leadership with extensive product and merchandising experience.
• Ambitious revenue goal of $5 billion by 2026, indicating strong growth trajectory.
• Strengthened leadership team with promotion of Erik Olson to enhance product execution.

Negative

• None.

BROOMFIELD, Colo., Oct. 18, 2021 /PRNewswire/ -- Crocs, Inc. (NASDAQ: CROX), a global leader in innovative casual footwear, today announced that Lori Foglia was hired as Senior Vice President and Chief Product and Merchandising Officer. Ms. Foglia will join the Crocs senior leadership team, effective Oct. 18, as the brand continues to experience rapid growth globally. She will report to Crocs Brand President Michelle Poole.

Ms. Foglia brings nearly 25 years of product, merchandising and commercial experience to Crocs. Formerly with Victoria's Secret, Ms. Foglia spent nearly five years overseeing product commercialization for more than 1,000 store locations as well as the company's digital business, driving sales and strategy across multiple categories, including apparel, sport, intimates and accessories.

In 2019, she transitioned with the brand to LBrands as Executive Vice President and Global General Merchandise Manager, where she successfully led the development of a new apparel/fashion marketplace, rapidly expanding the business. Prior to this, she worked in varied roles at American Eagle Outfitters, most recently as General Merchandise Manager of aerie. While there, she spearheaded the then-startup with a new product cycle calendar to align more directly with omni and global growth strategies and built the team that launched a new store design concept in more than 200 retail locations.

"I am thrilled to welcome Lori to the Crocs team at this very exciting moment for the brand," said Michelle Poole, Crocs Brand President. "Her deep DTC merchandising experience and her strategic product and digital growth mindset will be a terrific addition to the Crocs leadership team as we drive accelerated and exponential growth across key categories and distribution channels around the world."

Ms. Foglia joins Crocs following multiple quarters of record growth and significant goal setting, with the brand recently announcing its goal to achieve net zero by 2030. The brand also recently outlined a five-year growth framework to achieve $5 billion in revenue by 2026, representing a compound annual growth rate of more than 17%.

"As someone who has had a pulse on well-known product brands for more than two decades, I can't think of a more exciting company to have the opportunity to focus my efforts on than Crocs," said Foglia. "Crocs has seen unparalleled growth these past few years and I'm looking forward to helping set a strategic product roadmap that will continue to drive brand momentum for years to come."

Ms. Foglia received a Bachelor of Science in Marketing from Syracuse University and has been a member of the Retail Advisory Board Member at her alma mater.  

In addition, Crocs has promoted Erik Olson to the position of Senior Vice President, Global Sourcing and Product Execution. Since joining Crocs in 2005, Mr. Olson has played several key global leadership roles, including leading the shift to outsourced manufacturing to build capacity and improve quality, while significantly reducing costs. In this new role, he'll continue to expand the impact and scope of product execution, taking the brand's iconic footwear from ideation to production through his work with internal innovation teams and external factory partners.

About Crocs, Inc.
Crocs, Inc. (Nasdaq: CROX) is a world leader in innovative casual footwear for women, men, and children, combining comfort and style with a value that consumers know and love. The vast majority of shoes within Crocs' collection contains Croslite™ material, a proprietary, molded footwear technology, delivering extraordinary comfort with each step. Since its inception in 2002, Crocs has sold more than 700 million pairs of shoes worldwide.

In 2021, Crocs declares that expressing yourself and being comfortable are not mutually exclusive. To learn more about Crocs or our global Come As You Are™ campaign, please visit www.crocs.com or follow @Crocs on Facebook, Instagram and Twitter.

Media Contact:
Ryan Roccaforte, 303-848-7885
publicrelations@crocs.com

Investor Contact:
Cori Lin, 303-848-5053
clin@crocs.com 

 

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SOURCE Crocs, Inc.

FAQ

Who is Lori Foglia and what is her role at Crocs?

Lori Foglia has been appointed as Senior Vice President and Chief Product and Merchandising Officer at Crocs, effective October 18, 2021.

What are Crocs' revenue goals for 2026?

Crocs aims to achieve a revenue of $5 billion by 2026, representing a compound annual growth rate of over 17%.

What experience does Lori Foglia bring to Crocs?

Foglia has nearly 25 years of experience in product and merchandising from her previous roles at Victoria's Secret and LBrands.

Who has been promoted within Crocs alongside Lori Foglia?

Erik Olson has been promoted to Senior Vice President, Global Sourcing and Product Execution.

What sustainability goals has Crocs set?

Crocs has announced a goal to achieve net zero emissions by 2030.