Mycoskie sold his online driver education company for $500,000 to finance Toms shoes.[14] The company name is derived from the word "tomorrow",[9] and evolved from the original concept, "Shoes for Tomorrow Project".[16] Mycoskie initially commissioned Argentine shoe manufacturers to make 250 pairs of shoes. Sales officially began in May 2006.[14] After an article ran in the Los Angeles Times, the company received order requests for nine times the available stock online,[14] and 10,000 pairs were sold in the first year. The first batch of 10,000 free shoes were distributed in October 2006 to Argentine children.[7][17][18][19]
Five years later, TOMS realized this movement could serve other basic needs and launched TOMS Eyewear. With every pair purchased, TOMS will help give sight to a person in need. One for One®. As we learn that everyday choices have the power to impact the lives of those around the world, the TOMS movement will continue to grow and evolve. With every backpack you purchase, TOMS will help stop bullying, one youth at a time. One for One®. Join us at TOMS.com.
In June 2014, the company announced that Mycoskie was looking to sell part of his stake in the company to help it grow faster and meet its long-term goals.[23] On August 20, 2014 Bain Capital acquired 50% of Toms. Reuters reported that the transaction valued the company at $625 million; Mycoskie's personal wealth following the deal was reported at $300 million.[2] Mycoskie retained 50% ownership of Toms, as well as his role as "Chief Shoe Giver". Mycoskie said he would use half of the proceeds from the sale to start a new fund to support socially minded entrepreneurship, and Bain would match his investment and continue the company's one-for-one policy.[24][25]
What began as a simple idea has evolved into a powerful business model that helps address need and advance health, education and economic opportunity for children and their communities around the world. Supporting TOMS Shoes is also a compassionate display of support for helping children get some of the basics they need to enjoy better and healthier lives. Whether it's a pair of TOMS booties, shoes or sandals, you're helping to make a difference in the world.
By 2011, over 500 retailers carried the brand globally and in the same year, Toms launched its eyewear line.[21] By 2012 over two million pairs of new shoes had been given to children in developing countries around the world. The Daniels Fund Ethics Initiative at the University of New Mexico has described the company as an example of social entrepreneurship.[14][22]
The Tom's 'One for One' model has inspired many different companies to adopt similar concepts. Warby Parker, launched in 2010, donates a pair of glasses to someone in need for every pair of glasses it sells. The social business Ruby Cup uses a 'Buy One Give One' model for their menstrual cup venture, benefiting women in Kenya.[61] A Bristol chiropractic center influenced by Mycoskie's Start Something That Matters[62] book started donating £1 to Cherish Uganda for every appointment attended.[63]