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Gloucestershire Business News

Owners of Havaianas no longer flopping after being bought for $1.1 billion

Famous flip-flop brand Havaianas, whose products are sold in TReds in Gloucester Kings Walk has been sold for £850 million.

It has been sold to three banking groups.

The beach footwear brand has always been highly successful, selling 200 million pairs of flip-flops annually. It is so famous, in fact that in its home country of Brazil, flip-flops do not have a word but are known as 'havaianas'.

The company behind the brand, Sao Paulo-based Alpargatas was owned by J&F group, which manages the fortune of the Batista family and who were hit by the scandal in May of owing fines of $3 billion Brazillian reais.

The sale of Alpargatas was no surprise as J&F are seeking to sell a number of businesses in order to repay their fines.

It comes only 18 months after J&F bought the footwear company from Camargo Corrêa, a construction company also tied up in corruption probes.

The buyers Itaúsa, Cambuhy, and Brazil Warrant are backed by a banking clan - Moreira Salles and Setúbal- of Latin America's largest economy.

Picture credit: Pixabay

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