First retail chain exclusive to flip flops recognized for epic growth amongst America’s fastest-growing private companies
ATLANTA – Flip Flop Shops, North America’s first retail chain exclusive to the hottest brands and latest styles of flip flops and sandals, today announced that Inc. magazine has ranked the growing retail franchise in the top 10 percent of the publication’s 500 | 5000 list of the fastest-growing private companies in the United States.
Ranked at No. 425 on the list, Flip Flop Shops achieved the high rating based on its 810 percent three-year revenue growth rate, which also landed the growing franchise at No. 12 in the retail category and No. 13 in the Atlanta-based category.
“We’re super stoked to rank even higher on such a prestigious list,” said Brian Curin, the President (Size 10) of Flip Flop Shops, adding that the company ranked No. 1469 in 2010. “Since we began franchising three years ago, we’ve been and will continue to grow through a well managed and strategic expansion—spreading the Flip Flop Shops lifestyle throughout the World. This ranking validates our unrivaled growth, and we look forward to moving up the Inc. 500 | 5000 list for many years to come.”
The 2011 Inc. 500 | 5000 is ranked according to percentage of revenue growth when comparing 2007 to 2010. To qualify, companies must have been founded and generating revenue by June 31, 2007. Additionally, they have to be based in the United States, privately held, for profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2010.
"In a stagnant economic environment, median growth rate of 2011 Inc. 500 | 5000 companies remains at an impressive 94 percent," says Bob LaPointe, president of Inc. "The companies on this year’s list report having created 350,000 jobs in the past three years, and aggregate revenue among the honorees reached $366 billion, up 14 percent from last year."
Once reserved only for poolside or beachwear, flip flops have grown to become the “global youth uniform,” as well as accepted footwear for anyone ranging from surfers to high-level corporate executives. Flip Flop Shops’ mission is to provide the opportunity for anyone, in any climate, to “Live…Work…Play With Their Toes Exposed®” while wearing the freedom of flip flops on their feet. The shops carry the hottest brands of flip flops and sandals – such as REEF, Sanuk, Flojos, havaianas, OluKai, Cobian and O’NEILL, among others – and retail between $15 to more than $100.
“Flip Flop Shops is growing at a record pace with a successful global expansion strategy,” said Darin Kraetsch, the CEO (Size 10) of Flip Flop Shops. “There is a huge unmet need throughout the world for consumers who are interested in finding the hottest brands and latest styles of flip flops at any time of the year. We created Flip Flop Shops to fill that void, and this ranking is a huge testament to our growth. With our steady flow of new shops in the development pipeline, we’re pumped to keep the ‘Free Your Toes’ mentality going strong!”
Since 2008, Flip Flop Shops received more than 9,000 franchise applications, generated nearly $3 million in franchise fees, launched an online retail shop, awarded the International Council of Shopping Centers “Hot Retailer” of the year award, signed a 30-shop master franchise deal for Canada, and opened more than 45 shops throughout the United States, Canada, Guam and the Caribbean. With more than 65 shops already in the development pipeline, the brand is on-track to achieve its well-managed global expansion strategy, which calls for 236 locations to open in select markets by 2013.