Report: Toms Shoes is looking to sell its business
Eight years in, Toms Shoes is reportedly in the early stages of preparing to sell its business. According to the Financial Times, Toms has hired bankers to work on the sale; no deals have been reached yet, but the company could go for as much as $600 million.
representative for Toms did not immediately respond to request for comment.
Famous for its program of giving a pair of its canvas shoes to a child in need for every pair that is sold, Toms built its business on an ethical, feel-good spirit, something that's become increasingly popular in recent years - see Warby Parker's similar program of donating glasses or Kenzo's ties to the Blue Marine Foundation. And apparently that's working for Toms, which also sells eyewear and coffee beans: As the FT notes, Toms brought in $250 million in sales last year.
The sale probably isn't happening in the very near future, but we'll be keeping this one on our radar. If philanthropic companies are that hot right now, it's a pretty good time for Toms to sell.
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