In 2009 Toms partnered with the Charlize Theron Africa Outreach Project to create limited edition shoes, and used profits to benefit education and medical support in remote areas of Africa suffering from AIDS outbreaks. Toms has also produced shoes with a handlebar mustache symbol in place of the traditional Toms symbol in support of the Movember Foundation. Toms is a supporter of the charity charity: water, with which it has partnered with for several years, including its WaterForward project, which aims to bring clean water to underdeveloped countries. An additional partner charity is FEED, a charity where a consumer will purchase a pair of shoes and the company will donate twelve meals to impoverished schools in addition to a pair of shoes for impoverished children.
Mycoskie sold his online driver education company for $500,000 to finance Toms shoes. The company name is derived from the word "tomorrow", and evolved from the original concept, "Shoes for Tomorrow Project". Mycoskie initially commissioned Argentine shoe manufacturers to make 250 pairs of shoes. Sales officially began in May 2006. After an article ran in the Los Angeles Times, the company received order requests for nine times the available stock online, and 10,000 pairs were sold in the first year. The first batch of 10,000 free shoes were distributed in October 2006 to Argentine children.
Shoes have been given to children in 70 countries worldwide, including the United States, Argentina, Ethiopia, Rwanda, Swaziland, Guatemala, Haiti and South Africa. Toms are sold at more than 500 stores nationwide and internationally, including Neiman Marcus, Nordstrom, and Whole Foods Market, which include shoes made from recycled materials.
By 2011, over 500 retailers carried the brand globally and in the same year, Toms launched its eyewear line. By 2012 over two million pairs of new shoes had been given to children in developing countries around the world. The Daniels Fund Ethics Initiative at the University of New Mexico has described the company as an example of social entrepreneurship.
The Tom's 'One for One' model has inspired many different companies to adopt similar concepts. Warby Parker, launched in 2010, donates a pair of glasses to someone in need for every pair of glasses it sells. The social business Ruby Cup uses a 'Buy One Give One' model for their menstrual cup venture, benefiting women in Kenya. A Bristol chiropractic center influenced by Mycoskie's Start Something That Matters book started donating £1 to Cherish Uganda for every appointment attended.
In July 2011, Toms founder Blake Mycoskie participated in an event sponsored by the group Focus on the Family. After being criticized for supporting a socially conservative non-profit, Mycoskie posted an apology on his website stating that he and his handlers had not heard of Focus on the Family before participating in the event and decided it was a mistake. He also stated that he and the company support equal human and civil rights.
Employees of TOMS travel to different countries on "Giving Trips" to deliver shoes to children in person. In 2006, Toms distributed 10,000 pairs of shoes in Argentina. In November 2007, the company distributed 50,000 pairs of shoes to children in South Africa. As of April 2009, Toms had distributed 140,000 pairs of shoes to children in Argentina, Ethiopia, South Africa as well as children in the United States. As of 2012, Toms has given away over one million pairs of shoes in 40 countries.
A story by LA Weekly priced the manufacturing cost of a pair of Toms Shoes at $3.50-$5.00 in U.S. dollars, and noted that the children's shoes given out by the company were among the cheapest to make, which is not necessarily apparent to consumers. According to garment-industry author Kelsey Timmerman, many people he spoke to in Ethiopia were critical of the company, saying that they felt it exploited the idea of Ethiopian poverty as a marketing tool. An Argentina-based shoemaker agreed, saying that the imagery used by the company was manipulative.
In June 2014, the company announced that Mycoskie was looking to sell part of his stake in the company to help it grow faster and meet its long-term goals. On August 20, 2014 Bain Capital acquired 50% of Toms. Reuters reported that the transaction valued the company at $625 million; Mycoskie's personal wealth following the deal was reported at $300 million. Mycoskie retained 50% ownership of Toms, as well as his role as "Chief Shoe Giver". Mycoskie said he would use half of the proceeds from the sale to start a new fund to support socially minded entrepreneurship, and Bain would match his investment and continue the company's one-for-one policy.