Crocs continues to be a real hit, particularly with young people. In North America, the sandals can be found just about everywhere.

Consolidated sales have tripled over the last decade. They should reach $4 billion this year, for a profit of around $700 million. After a period of stagnation between 2012 and 2019, the brand's sales picked up again during the pandemic.

The business is stratospherically profitable - Crocs' plastic clogs cost next to nothing to make, but customers are willing to pay a substantial premium to wear the brand - and generates comfortable free cash flow.

In terms of financial position, indebtedness increased significantly last year with the $2.5 billion of Casual Footwear, the group behind the Heydude loafer brand - another Anglo-Saxon success story that should confound Latins with a more sophisticated sense of elegance.

Paid at a fair price, this external growth operation contrasts with the company's past focus on share buybacks. The $1.5 in accumulated profits over the last decade had in fact been used to reduce the number of shares in circulation by a third. Crocs, in this respect, was an authentic "cannibal".

The current enterprise value reaches x10-x12 the cash profits - or "free cash-flows" - expected this year, and barely x7 the profits expected in 2025. These multiples represent an attractive entry point for investors willing to bet on the continued success of these two UFO brands in the ready-to-wear world.