It's been a looong legal battle for Tory Burch
and her ex-husband (and former business partner) Chris Burch. To recap: About a year ago, Tory accused Chris of copying her designs for his new retail venture, C. Wonder. Many lawsuits and countersuits later, the pair came to an agreement just before New Year's Eve, but the details were kept under wraps — until now. Bloomberg
that Chris sold almost half of his 28.3 percent stake in Tory's brand, leaving him with 15 percent of the company. Which is exactly what Tory wanted.
Chris originally planned to sell all of his shares, but Tory objected because she was afraid her ex-husband's business would become too competitive with hers if they severed all ties. He does
sell Tory Burch-esque ballet flats for about the price of hers, after all. Keep your friends close and your ex-business partners closer, right?
Privco Media LLC crunched some numbers, and determined that Tory Burch's stake in her eponymous label is now worth $935 million, based on the transaction. And her net worth exceeds $1 billion, thanks to the $70 million she receieved from equity sales and dividends in the past decade.
Looks like someone's
2013 is off to a very good start. Welcome to the billionaire's lounge, Tory. We hear there's champagne there. And free WiFi.