You can't tell the difference between Crocs and Airwalks, so there can not be a strong brand loyalty for Crocs in the long run. Airwalks are in many colors. Check the website of Payless, and make your own conclusion.
Saw Airwalk knockoffs in Orlando at a gift shop for $9.99 and they were complete crap. One of the shoes even had the strap broke. They are not comfortable; yes, I did try a pair on. And I have to ask... has anyone done a comparison of how long they last compared to Crox? I've heard they last a third of the length as Crox, which you may as well pay $30 and save yourself the headache while getting a much more comfortable show.
We all know this stock will get a major haircut some day. The problem is, that day hasn't come yet. It will have to have some very bad news or an earnings miss before that happens. So far there is no evidence of that happening. Management also appears very strong. Shorts are just a little early is all, and that won't be the first time that has happened.