Economy

Havaianas Sold For $1.1 Billion

Havaianas Sold For $1.1 Billion”

J&F Investimentos, the holding company for one of Brazil's richest families, has sold its controlling stake in the company that makes Havaianas flip-flops for $1.1 billion dollars. Cambuhy and Itaúsa had offered between 3.3 billion reais and 3.5 billion reais ($1 billion and $1.1 billion) to win control of J&F's 86 percent stake in Alpargatas.

Earlier this year, Joesley and Wesley Batista admitted bribing nearly 1,900 politicians in a scandal that rocked Brazilian politics and threatened to oust President Michel Temer. The scandal has reached the top of Brazilian politics with President Michel Temer among those accused of corruption.

Founded by Scotsman Robert Fraser in 1962, Havaianas' popularity soared in the 1990s when well-off Brazilians began wearing them. The style is based on traditional Japanese zori sandals, which have soles made out of rice straw.

Upmarket versions of the sandals, including pairs encrusted with Swarovski crystals, means it costs anywhere between £18 and £190 for a pair of Havaianas.

Alpargatas has been sold by J&F Group to three Brazilian banking firms, Cambuhy Investimentos, Itausa Investimentos and Brasil Warrant.



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