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Havaianas flip-flop brand sold in $1bn deal

The maker of Havaianas – perhaps the world’s most famous brand of flip-flops – has been sold for $1.1bn ($850m).The Brazilian label has been highly successful at home and internationally, with about 200 million pairs of the footwear sold every year.Alpargatas, the firm behind the brand, was owned by the scandal-hit J&F group, which manages the fortune of the billionaire Batista family.It is being bought by three prominent Brazilian banking groups. Thongs and jandalsThe sale of Sao Paulo-based Alpargatas was widely expected, and is part of J&F’s strategy to offload businesses after it was involved in a series of corruption scandals.It is understood proceeds from the sale – to Cambuhy Investimentos, Itaúsa Investimentos and the fund Brasil Warrant – will help repay debt and go towards fines of more than $3bn the company has been hit with.

Flip-flops are known as thongs in Australia, jandals in New Zealand, slops in South Africa and slippers in parts of Asia.But in Brazil – and elsewhere – they are commonly referred to by the brand name Havaianas.Famed for their colourful designs and association with the Brazilian beach-lifestyle, the company has also benefitted from celebrity association.Miley Cyrus, Jennifer Aniston, Selena Gomez and Sienna Miller are among the stars who have been pictured wearing them.
Source: BBC News

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