Apparel, Fashion & Lifestyle
Apparel Lifestyle
Two lifestyle footwear companies
Crocs calendar 2025 was $4.04B. Birkenstock FY2025 was €2.10B, about $2.37B at the IRS 2025 average. These are not running shoes.
Crocs Brand vs HEYDUDE
Crocs Brand $3.33B. HEYDUDE $715M, down 13.3%. The 2026 guide still has HEYDUDE down. Tariffs were a 130 bp gross-margin headwind.
Crocs BrandHEYDUDE
Birkenstock is still mostly B2B
FY2025: B2B €1.30B, DTC €795M (38% of sales). Adj. EBITDA margin was 31.8%. FY2026 revenue is guided, not charted as actual.
B2BDTC
Birkenstock by region
Americas €1.09B, EMEA €785M, APAC €222M. Americas is still more than half of sales.
AmericasEMEAAPAC
