Toms Shoes finds a home in Nolita

toms shoes gives to the third world '1:1'
toms shoes gives to the third world ‘1:1’

According to one of my fav websites Bowery Boogie, Tom’s is settlin into Nolita at 264 Elizabeth Street, it’s Tom’s first ever NYC store. This is great news for the hood, pretty much everyone I know I think has owned a pair or two of Toms in NYC, their the ultimate summer NYC shoe that can get you anyway in comfort.

Blake Mycoskie Tom’s founder and CEO can be credited for starting and growing one of the most successful ‘charitable’ socially responsible companies in the US. Blake cleverly tapped into a growing social consciousness to do more for the developing world. But how? Blake’s solution, a twist on commercial capitalism was to provide a very simple business model, the ‘one for one deal’ which really transformed the model of giving for shopaholics.

It was easy, buy a new pair of shoes for yourself and also feel good about acting in a charitable manner. He made it super duper easy for the first world to give to the third world.

Blake Mycoskie
Blake Mycoskie

I guess Tom’s recent cash injection from the almighty Bain Capital (co-founded by Mitt Romney), who recently valued the company at $625 million may have something to do with it….. Bain has agreed to keep the company’s founding model, the ‘one for one’ shoe deal. Bain also plans to expand Tom’s product line, beyond shoes and sunglasses, more into accessories.

Although the question does beg, does a starving child in the developing world need a new pair of sunglasses or does the a starving child to eat a proper diet and go to school? Also, Tom’s CEO and founder Blake Mycoskie will be replaced as CEO. 

tom's ceo
tom’s ceo

Source: http://www.boweryboogie.com/2014/08/toms-shoes-opening-flagship-nyc-store-elizabeth-street/ http://blogs.wsj.com/moneybeat/2014/08/22/can-toms-shoes-sell-to-bain-without-selling-out-2/   Contributed by: Hollie Turner