Blackstone snaps up stake in US shoemaker Crocs

Blackstone will own 13 per cent of the firm known for its colourful rubbery clogs loved by children and celebrities such as actor Jack Nicholson. It will also take two seats on its board.

Crocs said the move would bring additional retail expertise and help improve revenues, which  are forecast to slump to about $220million in the fourth- quarter, down from over $300million in the past two quarters.

It also aims to fund a $350million share-buyback.

Crocs also announced the retirement of chief executive John McCarvel next April. The search for his successor has begun.

“John’s contributions to this company are immeasurable,” said Crocs chairman Thomas Smach.

“Blackstone will contribute a great deal of value through its financial, consumer and retail experience and its global footprint.”

Prakash Melwani, senior managing director and chief investment officer of Blacks tone, said: “We see tremendous opportunity in the Crocs brand and global franchise.”