A Burch Battle Update: The Feuding Exes (Finally) Reach An Agreement
Posted Wednesday January 2, 2013 10:15 AM GMT
It looks like 2013 will hold less drama for Tory and Chris Burch, as they’ve decided to bury the hatchet so-to-speak.
The ex-spouses/ex-business partners have settled their nasty lawsuit over Mr. Burch’s sale of his stake in Tory Burch LLC, and they’ve added a couple of minority investors to ease the process.
Ms. Burch explained, “They are completely aligned with our long-term approach to building our brand and share our vision for growth globally.”
General Atlantic LLC and BDT Capital Partners LLC each own a minority share of the fashion company, though the exact terms of the deal are confidential.
Mr. Burch called the arrangement a “milestone transaction,” and insists he’s confident in moving forward as a “significant investor” in the firm.
And General Atlantic CEO Bill Ford added, “As a long-term partner to great management teams, General Atlantic helps propel exceptional companies to their next phase of growth. Tory and her team have a unique ability to create accessible luxury clothing and accessories that have broad and lasting appeal. We look forward to working with the company to continue to build its exceptional brand globally.”