Why is Blake Mycoskie selling TOMS?
Will the one-for-one shoe company's founder stay with the brand once he sells it to an investor?
TOMS, the shoemaking company known for its espadrilles, philanthropy and one-for-one business model is being put up for sale by its founder, Blake Mycoskie. According to a source, TOMS is considering its options of selling a stake to an investor.
Many are left wondering why Blake wants to sell his brand, and whether he'll see that the brand's essence (especially its charity motivations) will continue once he does.
An executive at TOMS explained to the New York Times that the sale is not about Blake wanting to cash out, and that he will definitely stay with the company as its "face and visionary."
One of the big reasons behind the sale is because TOMS is looking at expanding into diverse categories, from foodstuff to housewares, but will require further expertise and investment to do so. More importantly, it seems that Blake intends to integrate the company's mission into whatever deal is signed.
As far as things are looking, we'll still see TOMS lead the link between charity and fashion for a long time yet.