One decade ago, TOMS was stepping toward world domination. The footwear brand was known for its distinct espadrilles and its “buy one, give one” model. Each time someone bought a pair of shoes, another pair was donated to a child in need.
In the early 2010s, wearing TOMS was a statement that meant that you were fashionable and philanthropic. The brand was valued at $625 million in 2014, but by 2019, creditors took over the company. The company had a $300 million loan due in 2020, and it wasn’t expected to be able to pay it off.