|Fashion Designer Tory Burch and her ex-husband Chris Burch|
After four months of legal volleys — including a countersuit, subpoenas on Christmas Eve, and allegations of corporate misconduct — Tory Burch and her ex-husband and business partner Chris Burch have finally settled their lawsuits against each other.
The drama around this case started over a year ago when Chris opened C. Wonder, which many saw as a threat to Tory's brand. From its outset, the lower-priced line of clothing and accessories was accused of looking too similar to Tory's aesthetic. The resolution to this case doesn't address those similarities and instead focuses on the sale of Chris's stake in the company, much of which went to two new investors. This lessens his power and involvement at the brand, which will hopefully give both Burches some peace.
Chris Burch, the former husband of fashion designer Tory Burch, sold about half of his 28.3 percent stake in New York-based retailer Tory Burch LLC Dec. 31, settling a year-old legal dispute between the couple, according to two people familiar with the transaction.
The sale values the closely held operation at about $3.3 billion, according to New York-based research firm PrivCo Media LLC, and makes Tory Burch, 46, a billionaire. The two people said Chris Burch, 59, will retain about a 15 percent stake in the New York-based operation, which sells high-end women’s clothing and accessories, including popular ballet flats adorned with the company’s double-T logo.
Congratulations Ms. Burch! It's very lucky of you to start 2013 being the newest Fashion Designer Billionaire. Brava!
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