12.31.12 9:48 PM ET
Battle of the Burches: Case Closed
Seemingly accomplishing what Congress cannot, haute divorcés Tory and Chris Burch have reached a settlement in time for the new year. “Battle of the Burches” as the press coined their very public legal dispute, is now officially over, reports WWD. The exes’ legal woes began earlier this year when Chris sued Tory in October, claiming that her company’s board members had blocked him from selling his large stake in her fashion house (which Tory established with a large investment from her then-husband in 2004). Tory then waged her own suit against Chris, contending his claims and declaring much of the merchandise at his new chain C. Wonder as a “copycat” of her own designs. Lengthy features in Vanity Fair, WWD, and even an on-air piece on Rock Center soon followed, stirring up one of fashion’s biggest feuds in 2012.
But now the once couple have settled out of court. And though their settlement terms are confidential, Tory Burch LLC has announced two new minority investors in the company. Capital Partners LLC and General Atlantic LLC have presumably purchased a portion of Chris Burch’s stake in the brand. It’s not been announced what Chris’s new investment weighs in at (pre-settlement both he and Tory each owned a 28.3% company stake), though Chris has confirmed that he’s still a “significant investor” in Tory’s brand, telling WWD that he’s “confident” in the company’s “continued success.” Tory Burch did not offer comment on her ex-husband, but of her new investors she said, “They are completely aligned with our long-term approach to building our brand and share our vision for growth globally.” Best wishes for the new year, Burches!