Toms Shoes was founded in 2006 by entrepreneur Blake Mycoskie. While competing in The Great Race in Argentina, he noticed that most people were wearing a very basic, canvas, slip on shoe. He tried them and liked them so much he decided to start his own company in the US. Mycoskie also noticed that many of the children in Argentina could not afford shoes. Mycoskie decided to donate one pair of shoes for every pair that he sold.
Today, the company still donates one pair of shoes for every pair sold, as well as donating part of the profit from the sale of eyeglasses to vision care for the poor. In 2015, Mycoskie sold 50 percent of his interest in the company to Bain Capitol for $625 million. This former CEO believed that this new infusion of cash would help the company increase in size.
The company has been criticized, however, for lack of transparency regarding their shoe factories, which are based in Ethiopia, Argentina, and China.
The canvas shoe market is expected to experience significant growth in 2021.
Toms Shoes was founded in 2006 by entrepreneur Blake Mycoskie. While competing in The Great Race in Argentina, he noticed that most people were wearing a very basic, canvas, slip on shoe. He tried them and liked them so much he decided to start his own company in the US. Mycoskie also noticed that many of the children in Argentina could not afford shoes. Mycoskie decided to donate one pair of shoes for every pair that he sold.
History
Today, the company still donates one pair of shoes for every pair sold, as well as donating part of the profit from the sale of eyeglasses to vision care for the poor. In 2015, Mycoskie sold 50 percent of his interest in the company to Bain Capitol for $625 million. This former CEO believed that this new infusion of cash would help the company increase in size.
The company has been criticized, however, for lack of transparency regarding their shoe factories, which are based in Ethiopia, Argentina, and China.
The canvas shoe market is expected to experience significant growth in 2021.