Toms Shoes acknowledged Tuesday it is seeking outside investment to fuel growth.
“Our business has tremendous potential and we are committed to protecting and growing the ‘One for One’ business model for generations to come,” Doug Piwinski, SVP of global marketing and communications, told FN.
He added, “As a part of pursuing the opportunities ahead, Toms’ founder is exploring potential investment partners that can help the company grow and expand even faster and accelerate its long-term growth plan.”
The Financial Times in London first reported news of a potential sale earlier today, noting that the company could be valued as high as $600 million. The firm, founded in 2006 by Blake Mycoskie, has been expanding into new categories over the past few years, including eyewear and, most recently, coffee.
In an interview with FN earlier this year, Mycoskie addressed the possibility of selling the business:
“What happens with a lot of entrepreneurs is they get to a point where they’ve built a business, loved the early days and then decide this isn’t as much fun or isn’t what they wanted to do. That’s when they usually sell the company. I reached that point,” he recalled. “But because of what Toms is and that no one would ever be as committed to the mission as I am, I wouldn’t sell the business. My version of ‘selling’ and doing the entrepreneurial thing was to take time off.”