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Planned footwear tariffs not to badly hit business: Crocs

17
Jun '19
Pic: Crocs
Pic: Crocs
US casual footwear manufacturer Crocs recently said it does not anticipate that the proposed footwear tariffs on product imported into the United States from China, if put into effect, will have an adverse impact on its business as it has a globally-diversified sourcing base and currently imports approximately 30 per cent of its US products from China.

“Assuming a 25 per cent tariff takes effect on August 1, 2019, we estimate the 2019 impact at approximately $5 million,” Cros said in a statement.

“Our current sourcing mix reflects our need to balance ramping up incremental supply to meet the growing demand for our product and continuing our multi-year effort to reduce our sourcing from China,” it said.

The company, which expects the amount of US products sourced from China to be below 10 per cent for 2020, is evaluating various mitigation initiatives that will be implemented to lessen the impact of any tariffs ultimately put into effect. (DS)

Fibre2Fashion News Desk – India


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