On New Years Eve, Chris Burch—former husband of Tory Burch, the designer behind Tory Burch LLC—sold half of his 28.3% stake in the company. New York-based research firm PrivCo Media LLC estimates that, based on the deal, the company could be worth for as much as $3.4 billion. This also indicates that Tory Burch’s 28.3% stake is worth $935 million—and combined with the $70 million Ms. Burch has received from equity sales and dividends, she’s been outed as a billionaire.
Chris Burch sold his stakes to General Atlantic LLC, a Greenwich, Connecticut-based private equity firm. Currently, 10% of Tory Burch LLC is controlled by Access Industries, who originally bought 20% of the company, and then sold off half; an estimated 18% is controlled by Mexican private equity firm Tresalia Capital SA.
The company, which sells upscale women’s clothing and accessories, both in Tory Burch shops and in high-end department stores like Neiman Marcus and Bloomingdale’s, generated more than $760 million in revenue last year.