SANTA MONICA, CA—Will Toms Shoes be the nextbig retailer? And will the world be a better place as a result?
Bain Capital LLC has acquired a 50 percent stake in thefootwear company, with plans to grow both the business and itscharitable giving, says Reuters.
The company was created in 2006 when Founder and Chief ShoeGiver (yes, that's his title) Blake Mycoskietraveled to Argentina and met children who literally had no shoesat all. The company matches every pair of shoes sold with a pairgiven to a child in need. (In 2011, this was extended to eyewear.)To date, according to Toms' website, the company has donated 10million pairs of shoes in over 60 countries, and some 150,000 pairsof eyeglasses. Toms also sells fair-trade organic coffee, donatinga week of clean water to a person in need with each bag sold.
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