Executives at footwear brand TOMS are shifting away from their One for One model.
Founded by entrepreneur Blake Mycoskie in 2006, the company is known for pioneering the "one for all concept" business model, with bosses promising to deliver a pair of free shoes to a child in need for every sale of their retail product. Over the years, product lines have been expanded to include eyewear, apparel, handbags, and coffee, but in the brand's Impact Report published on Wednesday, Amy Smith, chief giving officer, announced that TOMS' giving strategy would soon be "evolving".
"We made the decision to decouple our impact from the One for One model we pioneered, and to expand our giving portfolio to include impact grants. This way, we can support organisations working to address some of today's most pressing issues," she said. "As you can imagine, we didn't make this decision lightly. But, we're motivated by the opportunity to have meaningful impact in some new areas - areas that are important to us, and to you. Truth be told, we haven't quite figured everything out yet, but we do know that directing our shoe giving and grants towards the promotion of physical safety, mental health, and equality of opportunity is the right next step for TOMS."
Smith went on to explain that going forward, the company will give both shoes and impact grants to local partners around the world who are working to create positive change. She also noted that executives are committed to dedicating at least one-third of annual net profits to a giving fund managed by an internal team.
Since launching, TOMS has given over 95 million pairs of shoes to children in need around the world.
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