Asian Stocks Mixed as Chip Selloff Hits KOSPI, Nikkei Ahead of US Jobs Data 
Gold Price Hits Seven-Week High as Fed Rate Hike Bets Fade and Hormuz Deal Hopes Grow 
Glencore Posts Strong H1 2026 Earnings, Announces ASX Secondary Listing 
Oil Prices Slip as Hormuz Shipping Progress and Rising U.S. Crude Stocks Weigh on Market 
Siemens Energy Q3 Profit Beats Forecast as AI-Driven Power Demand Fuels Growth 
Meta Ordered to Pay $567M Over Child Safety Violations in New Mexico 
Qantas Shares Climb as Long-Haul Pilot Deal Eases Strike Concerns 
UOB Q2 Net Profit Rises 10% as Wealth Management Growth Boosts Earnings 
DeepSeek to Raise AI API Prices as Demand for New Models Surges 
US Yen Intervention Unlikely to Deliver Lasting Recovery, Yardeni Says 
China Trade Surplus Beats Forecasts in July as Exports Stay Strong 
US Dollar Gains as Iran Tensions, Fed Rate Hike Bets Rise 
Cloudflare Stock Jumps 15% as Earnings Beat Estimates, 2026 Outlook Raised 
US Stock Futures Rise as Markets Await July Payrolls Data 
Asian Stocks Cautious Ahead of US Jobs Data as Oil Rises 
Gold Prices Steady as Hormuz Tensions Fuel Fed Rate Concerns 
SanDisk Q4 Earnings Beat Estimates as Q1 Revenue Outlook Meets Expectations 
Crocs Inc. revealed this week that it will acquire Hey Dude Shoes for $2.5 billion. Based on the report, the Broomfield, Colorado headquartered foam clogs maker is buying the shoe company as it wants to take advantage of the growing demand for casual shoes.
According to Reuters, many people ditched their dress shoes and went for the more comfortable footwear; thus, clogs and casual shoemakers suddenly received piles of orders. The pandemic pushed people to stay indoors, so the majority now prefer comfortable overalls from clothes to footwear.
As a result, companies like Crocs have steady orders, and the demand remained strong throughout this year. Now, to take advantage of the momentum, Crocs is acquiring Hey Dude to sell comfortable shoes alongside its popular foam clogs.
The company will be investing $2.5 billion and is paying $2.05 billion in cash, and the remaining $450 million will be paid in Crocs shares that will be issued to Alessandro Rosano, founder, and chief executive officer of Hey Dude Shoes.
"With the acquisition of HEY DUDE, we are thrilled to add another high-growth, highly profitable brand to our portfolio. We believe HEY DUDE's casual, comfortable, and lightweight products are aligned to long-term consumer trends and are a perfect fit for Crocs," Crocs CEO, Andrew Rees, said in a press release.
He went on to say, "We intend to leverage our global presence, best-in-class marketing and scale infrastructure to build upon HEY DUDE's strong foundation and create significant shareholder value. We truly admire the business that founder Alessandro Rosano has built and are honored to welcome the HEY DUDE team to Crocs."
Meanwhile, CNBC reported there are investors who are not in favor of Crocs' decision to buy Hey Dude Shoes, but Rees defended the move after the company's shares stumbled.15% in early trade. The chief explained that the purchase could push sales growth, especially in the United States Northeast and urban areas.
Crocs is also looking to expand its portfolio to include more shoes and other products beyond the rubber clogs. The company will adhere to what they are best known for when creating new items, and it is comfort which is also the trend these days.
