When Blake Mycoskie founded Toms in 2006, we’re sure this isn’t what his “buy one, give one” mission meant: Last Friday, 20-year-old Kayla Miller was on her way home in Queens, NY, when she was held up by a mugger who promised not to harm her if she handed over her $50 slip-ons–not the Michael Kors handbag she was carrying, the pricey watch on her wrist or the iPod she was listening to.
Bain Capital, one of the world’s largest private investment firms, has acquired 50 percent of Toms in order to accelerate the growth of the company and its giving programs around the world. Founder Blake Mycoskie will remain a 50 percent owner of Toms. Financial terms of the private transaction were not disclosed although sources told the New York Times that the one-for-one company is valued at $625 million, including debt.
Toms has always been about giving back, providing shoes to a child in need for every pair sold, but now the Venice, CA-based brand is taking things a step further. Sparked by Heather Mycoskie’s passion and love for animals (wife of Toms Founder Blake Mycoskie), the Toms Animal Initiative is a series of partnerships planned to conserve and protect animals by raising funds each year.
Grammy-nominated DJ, musician and record producer, Paul Van Dyk, has teamed up with Toms on a galactic collection of shoes and sunglasses. Launching this summer, Classic and Paseo Mids feature an outer space-themed print featuring the German DJ’s signature triangle logo, while the eyewear frames depict the hues in his Vandit record label logo. Retailing from $59 to $125, the collection hits Toms stores and toms.com in June.
Toms gets a major makeover for the spring season, thanks to interior designer Jonathan Adler. The two have united for a limited-edition collection of shoes and shades stamped with Adler’s signature prints.Launching today, the Correa Sandal, a new silhouette for Toms, and the classic Alpargata retail for $59, while the Kitty, Marco and Lobamba sunglasses range from $160 to $170.
One-for-one company Toms teamed up with luxury footwear designer Tabitha Simmons on a limited-edition line of printed espadrilles for holiday. The 10-shoe collection launched this month at select stores and online. A patchwork of swiss and foulard dots updates canvas and silk styles, while Simmons’ signature stripe adds a touch of refinement to the rope-sole Desert Wedge and is mirrored in kids’. Prices range from $42 to $46 for children and $124 to $168 for women.