Staff
Footwear brand Toms is up for sale and buys could pay up to $600 million, reports the Financial Times.
The Los Angeles company donates a pair of its canvas shoes every time it sells a set, and it was founded in 2006. Since then, other companies have taken up its one-for-one model.
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The sale is still in the preliminary stages, and FT says it’s not certain the deal will go through.
Toms has sold more than 10 million pairs of shoes and had an estimated US$250 million in revenue last year. The company is also in the process of moving production of its shoes to the countries it donations to in order to create jobs.
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