Chris and Tory Burch have settled their acrimonious legal battle in time for the new year.
The former married couple were involved in a public battle over whether Chris could sell his stake in the company. In a counter suit, Tory alleged that his new brand, C. Wonder, copied her eponymous label.
Two minority investors have been added to the brand, Alexandra Steigrad at Women's Wear Daily reports:
"'Although the terms of today’s deal are confidential, BDT Capital Partners LLC and General Atlantic LLC have made minority investments in the brand. Both Burches owned a 28.3 percent stake in the company, which the duo created in 2003. Chris Burch will remain an investor in Tory Burch, although a spokesman for the entrepreneur declined to reveal his remaining stake in the company.'"
Chris Burch called the settlement a "milestone transaction."
The then-couple started the Tory Burch label in 2003. While Tory had never worked in fashion, Chris was a successful retail entrepreneur and gave her advice and $2 million to start the brand.
The Burches divorced in 2006, and the label became one of the most successful fashion brands in the world. While rumors have swirled that the company could go public, Tory Burch has denied those rumors. Insiders speculated that no investors would actively work toward an IPO until the dispute was settled.
The lawsuit took many twists and turns as the couple publicly accused each other of wrongdoing. Even the trial judge got involved, calling the case a "drunken WASP-fest."
But now that the Burches have settled their differences, Tory Burch faces few obstacles in becoming a public company.
DON'T MISS: How Tory Burch Created A $2 Billion Fashion Empire In Less Than A Decade >
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