With Crocs' shares down 30 percent, is the "ugly shoe" trend over?

This week, Crocs hit a sobering note for the fashion world: its stock plunged nearly 30 per cent, the steepest single-day drop since 2011, following a downtick in demand and a gloomy sales outlook that laid bare the waning appeal of the “ugly shoe” phenomenon.

Crocs had seemed untouchable: brightly coloured, comfort‑first clogs elevated into cultural icons. Yet the recent shift in consumer taste, back toward athletic wear, coupled with macroeconomic headwinds, began nibbling away at its dominance. At its latest earnings call, the company forecasted a 9–11 per cent drop in Q3 revenue, sharply outpacing analysts’ modest growth expectations, according to the Financial Times. CEO Andrew Rees cited cautious spending, reduced store traffic, elevated tariffs, and fading interest in casual rubber footwear as key catalysts.

From the vantage point of those of us in the critic’s seat, this isn’t merely a downturn, it’s the fashion cycle in motion. In the not-too-distant fashion past, clunky, foam‑based shoes were the irreverent heroes of catwalks and street style alike. They even turned up at the Oscars. Balenciaga’s Triple S platform sneaker, once cult, then omnipresent, now remains available in far fewer style options, its novelty fading nearly as abruptly as it arrived.

I’ve noticed, at least among fashion insiders, that the mood has shifted. There's a sense of collective relief that the era of intentionally “ugly” footwear, once a dystopian badge of chic, is drawing to a close. Crocs’ tumble feels symbolic, a market verdict on aesthetic overexposure.

Yet, let us not mistake this moment for utter defeat. Crocs retains impressive brand loyalty. Its gross margins, though under pressure, remain strong; its free cash flow and share buybacks provide a buffer.

Still, for the sector, the message is clear: surplus shock value has a shelf life. Consumers are turning toward timeless silhouettes, refined lines, good ‘ol sportswear and narratives of craftsmanship. Not memes on clogs.

In sum: the Crocs crash is more than a financial event, it’s a marker. Ugly‑shoe chic, once a language of boldness or individualism, is now passé. Fashion’s pendulum has swung again, and hopefully the era of real clothes is reclaiming its throne.