The Blackstone Group LP (Chicago) has invested $200 million in Crocs Inc. (Niwot, Colo.), the brand of once-popular colorful plastic clogs.
John McCarvel, Crocs’ current ceo, will retire by the end of April 2014.
The Blackstone investment comes after Crocs failed to find a buyer for the entire company. Crocs has been trying to revive its fortunes after consumers tired of its trademark clogs, knock-offs cut into its sales and consumer spending slumped in the U.S.
“We will focus on improving financial performance, particularly in the Americas and Japan, as well as enhancing our global retail execution,” said Crocs chairman Thomas Smach. “We may moderate the pace of our investments in new retail stores.”
According to Bloomberg News, Blackstone will be restricted from acquiring more than 25 percent of Crocs common shares until a time frame expires for appointing board directors.