Crocs gets $200m bailout and reveals the new looks it hopes will boost profits in 2014 Crocs Inc. has received a $200million bailout from a private equity company following a controversial decision to branch out into high fashion by adding high heels and wedges to the product line. The new investor, Blackstone Group, hopes to revive the once-popular shoe company's fortunes by closing some U.S. stores, expanding in Asia and offering new products, ABC News reports. The controversial clog designer recently announced that it would release a small selection of 'high-heeled pumps, sleek flats and ankle-strap thongs' in 2014. Fashion forward: As part of the re-branding effort, the company has recently introduced high-heeled styles Sensible shoes: The company's newer designs also included a wedge that combined added inches with comfort The fashion forward crocs will be designed by Stefano Furiani and priced at $80 to $120. They will be labeled 'Designed by Crocs in Italy' and sold through Zappos.com and fashion-focused retail stores separately from the regular clogs - and far from the firm's Colorado base of operations. Crocs already offers more than 300 different models of golf shoes, flip flops, sneakers, loafers and boots. Since the shoes were launched at a Fort Lauderdale, Florida boat show in 2002, they have been loved and loathed in equal measure. Workers who spend a significant amount of time on their feet, such as nurses and chefs, raved about the comfort of the foam sole that moulds itself to the foot. The colorful clogs are also hugely popular with children and gardeners. Loved and loathed: The traditional Croc clog has been hugely popular around the world, while being mocked by fashion insiders Bright colors: Traditionally, Crocs have been designed in bright colors and lightweight plastic Even celebrities including Alicia Silverstone, Teri Hatcher and Jack Nicholson have proudly worn them in public. But the 'I Don't Care How Comfortable Crocs Are; You Look Like A Dumbass' page has almost 1.6 million 'likes', and browsing YouTube brings up numerous anti-clog diatribes, including one of a woman shredding her yellow clogs with scissors and putting them in the blender. Despite the ridicule, Crocs have sold more than 200 million pairs of shoes in 90 countries around the world. As part of the new deal, Blackstone Group is getting a 13 percent ownership in the company in preferred stock and two seats on the board of the publicly-traded shoe and accessories company, while Crocs CEO John McCarvel is set to retire and give up his board seat around the end of April. On Monday, shares of Crocs Inc. surged more than 20 percent to $16.03 mid-day, but they are still well below its highs of $60 around 2007, a year after the company went public.