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Bain Capital buys 50% stake in Toms; brand looks to expand
New York -- Toms, the footwear company best known for donating a pair of shoes to a child in need for every pair it sells, has sold a 50% stake in its company to private equity giant Bain Capital LLC. The investment will help Toms expand its distribution in Europe, Asia and in the United States, including increasing its store count from its current two locations.
The investment reportedly values Toms at about $625 million, including debt. Blake Mycoskie, who founded Toms in 2006, will retain a 50% stake and remain at the helm.
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Foot Locker Q2 profit, sales top estimates
New York -- Foot Locker on Friday turned in another winning performance, posting sales and income for the second quarter that topped analysts’ estimates.
Net income for the quarter increased to $92 million, from $66 million in the year-ago period.
Total sales increased 12.9%, to $1.64 billion, compared with $1.45 billion for the corresponding prior-year period. Excluding the effect of foreign currency fluctuations, total sales for the second quarter increased 11.7%.
