Toms Is Up for Sale (Report)
The L.A.-based shoe brand could fetch $600 million.
Toms, the philanthropic-minded shoe brand founded by Blake Mycoksie, is up for sale.
The L.A.-based label -- known for donating a pair of shoes for each one it sells with its "One for One" model -- is said to have hired bankers to work on the sale, which could fetch as much as $600 million, The Financial Times is reporting.
"Our business has tremendous potential, and we are committed to protecting and growing the One for One business model for generations to come," said Doug Piwinski, Toms' svp global marketing and communications, to Pret-a-Reporter in a statement. "As a part of pursuing the opportunities ahead, TOMS' founder Blake Mycoskie is exploring potential investment partners that can help the company grow and expand even faster and accelerate its long-term growth plan."
Since launching eight years ago with its popular canvas slip-on shoes, Toms has donated more than 10 million pairs to children in need. The brand has since expanded its business model to include sunglasses and Toms Roasting Co. coffee.
In December 2012, Toms opened a flagship store-cum-coffee shop on Abbot Kinney Boulevard in Venice, Calif., which attracted the likes of Chicago P.D. star Sophia Bush, 90210 actress Gillian Zinser and rapper Allen Forrest to its opening night and currently serves as a popular neighborhood hangout.