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Shares of Crocs Inc. rallied after an Instagram photo from pop star Justin Bieber suggested he will collaborate with the company on a pair of its distinctive footwear.
Soon, the musician said in the social-media post on Thursday along with a picture of orange Crocs floating in a swimming pool. The post had been liked more than 700,000 times within a few hours, including by the official Crocs account.
Crocs shares surged as much as 13% to the highest intraday level since 2007.
The vague but suggestive Instagram post drew attention in the sneaker world, where the once-uncool Crocs brand has gained in popularity thanks to collaborations with artists such as Post Malone and Bad Bunny. It also registered on Wall Street, and analysts say that a Bieber collaboration could lift Crocs into another dimension, citing the company’s previous team-ups.
A post shared by Justin Bieber (@justinbieber) on Oct 1, 2020 at 9:00am PDT
“We expect the collaboration to launch in Croctober (October), and add to the acceleration of Crocs brand momentum, Poser said in a report. The analyst has been expecting the Bieber collaboration for some time”.
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