Toms' Amy Smith: 'We've inspired many, many companies to be purpose-driven'

Protests continue around the country and world three weeks after George Floyd's death at the hands of a Minneapolis police officer. This new instance of police violence caught on video has boosted public support for Black Lives Matter while driving policy changes from governments, police departments and companies. Toms is used to building strategies around public good. "We're incredibly proud to have inspired many, many companies to be purpose-driven," Amy Smith, the company's chief giving officer, said on the Glossy Podcast. The original, core initiative behind the company -- to donate a pair of shoes to those in need for every pair purchased -- isn't exactly adjacent to the public challenges facing America today. But the shoe company is among dozens of beauty and fashion brands that have donated to Black Lives Matter, and it plans on contributing another $100,000 in the next three months. Beyond that, Toms is looking at its own practices. "We're taking the time now to do a full assessment of what our business and employment practices are, so we can create a baseline and share with our customers, very transparently: 'What is a plan for change for Toms?'" Toms anticipates it will cross the 100 million pairs donated mark sometime this year, according to Smith, and since 2018 it has also funded grants for socially-inclined nonprofits. The company also now donates a third of its net profits. Last December, Toms agreed to a takeover from its creditors led by Jefferies Financial Group Inc., Nexus Capital Management LP and Brookfield Asset Management Inc., in exchange for restructuring its debt.