"Crox isn't just a fad"
Correct. Not JUST a fad. But part of Crox success IS about fad.
IMO, it's worth considering that a present there's no evidence they'll be able to use the ugly-ass clogs as a platform to enter apparel in a long-term durable way, as Nike did. Nor any indication they will be able to do as Nike did, and expand beyond the shoe-type they rode to initial success. Nike started with running shoes. They've succeeded in moving into other shoe categories ranging from cleats/spikes for field sports, hiking boots, cycling shoes, and casual shoes. I'd give Crox less than a 20% chance of being able to successfully expand beyond the clog category to any substantial, lasting and durable degree. Not that they don't have a nice niche business. But the mo-mo valuation has always been based on these pipe dreams of a Nike-type category expansion story.