Footwear firm Crocs has completed the previously announced acquisition of Jibbitz, a family operated business specialising in the customisation of Crocs shoes.

The purchase price was US$10m in cash at closing, and is subject to a potential earn-out of up to an additional $10m based on Jibbitz hitting certain earnings targets in the future.

Crocs president and CEO Ron Snyder said: "We are very excited about this acquisition as we believe Jibbitz represents a tremendous strategic fit for our company.

"We look forward to leveraging each organisation's strengths in order to fully capitalise on the many new and exciting growth opportunities in our future."