Iconic flip-flop brand Havaianas sold for $1 billion
- 7 years ago
Havaianas is a worldwide favorite flip-flop brand that exploded in popularity during the early 2000's. J&F Investimentos, its holding company, has been sold off by Brazil's billionaire Batista family for nearly $1.1 billion. The family is involved in a massive corruption scandal for bribing nearly 1,900 politicians for government loans. Selling their controlling stake to three Brazilian banking groups will help pay off their fine of over $3 billion. Shares of the stock are now at a five-year high.