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Tory Burch, the fashion designer who popularized $200 ballet flats, is officially a billionaire.
The 46-year-old designer added nine zeros to her net worth following the sale of part of her ex-husband's stake in her company, Tory Burch LLC, Bloomberg reported. The sale valued the company at nearly $3.3 billion and gave tory burch a 28.3 percent stake in the high-end clothing and accessory brand.
Burch's ex-husband Chris Burch retains a 15 percent share in the company, according to Bloomberg.
The sale now makes Burch the second youngest self-made female billionaire in America, according to Forbes. The youngest is Spanx inventor Sara Blakely, who made Forbes' billionaire list in 2012 at age 41.
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The designer's rise to billionaire status has been rapid. In 2004, with her then-husband Chris, Burch opened her first store in New York City. Today the brand has more than 80 retail locations and is sold in high-end retailers such as Neiman Marcus. The brand is best know for its colorful ballet flats that are emblazoned with its signature double-T logo and cost upward of $200 per pair.
The secret to her success? Sources have called Burch punctual, efficient, and focused to a fault according to a December story in Vanity Fair. She also had a wealthy upbringing: Her father was heir to a paper-cup fortune.
Other American fashion billionaires include Ralph Lauren, who is worth $7.5 billion. Designer Michael Kors has been on the billionaire-watch list for the past year and is worth around $780 million, according to Forbes. Kate Spade, a designer whose namesake brand is often compared to tory burch outlet, sold her luxury patrician-chic brand to Liz Claiborne in 2006 for $124 million and is worth an estimated $150 million.
With that in mind, my team and I launched the Tory Burch Foundation in 2009 to support the economic empowerment of women entrepreneurs and their families in the U.S. through small business loans and mentorship. The more we learned, the more we realized that many of the women who participated in our mentorship programs needed something beyond advice and direction. They needed tools to help them develop their business and scale it. We partnered with Goldman Sachs 10,000 Small Businesses and, in collaboration with Babson College and LaGuardia Community College, designed a pilot program for early-stage women entrepreneurs who have not had a formal business education.
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Fresh off a successful New York Fashion Week, tory burch shoes has some bummer news: The designer has parted ways with Lyor Cohen, her boyfriend of five years.
The New York Post has the exclusive report, stating that Burch and Cohen have split amicably. Cohen was the North American Chairman and CEO of Recorded Music for Warner Music Group but stepped down in September 2012. Burch, in the meantime, has been weathering a storm of publicity over her contentious lawsuit with ex-husband Chris Burch.
To recap: The Burches divorced in 2006 but continued to serve on the board of Tory Burch together. Then Chris founded a C. Wonder, a seemingly competing brand, which Tory pressured him to change. Chris sued Tory, then Tory countersued Chris, and the whole thing finally wrapped up with a settlement in late December 2012.
In any event, Tory is now sans Chris and Lyor, meaning one of New York’s most visible power couples is no more. What she does still have: a $3.3 billion business and the title of second youngest self-made female billionaire in America. Not too shabby.