Monday, September 15, 2014
Toms Shoes was founded eight years ago with an unusual business model: for every pair of shoes the company sells, it donates a pair to a child in need. Bain Capital purchased a 50 percent stake from founder Blake Mycoskie in late August, but Mycoskie aims to maintain the company’s fusion of for-profit purposes and social impact. Its one-for-one donation policy will continue and Mycoskie will also put half of the proceeds from the sale (reportedly $625 million) toward creating a new fund to support social entrepreneurship.