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Brazilian flip-flop giant Havaianas sold for £850m as its scandal-hit owners seek to pay off a £2.5bn fine

July 13, 2017 8:50 PM
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Flip-flop firm Havaianas has been sold for £850million as its scandal-hit billionaire owners seek to pay off a £2.5billion fine.

The Brazilian label, which counts actress Jennifer Aniston and singers Miley Cyrus and Selena Gomez as fans, is being sold by the Batista family, who have been embroiled in a series of corruption scandals.

Alpargatas, which owns the brand, will be bought by three prominent Brazilian banking groups.

The company is owned by J&F group, part of the business empire of Batista brothers Joesley and Wesley who confessed to bribing almost 1,900 politicians to obtain cheap government loans for their business.

The scandal has reached the top of Brazilian politics, with President Michel Temer among those accused of corruption.

Havaianas’ flip-flops are known for their colourful designs and association with Brazil’s beach lifestyle, and 200million pairs are sold each year.

The brand has stores in the UK, and concessions in Selfridges, Bluewater and Westfield shopping centres.

Source: dailymail.co.uk

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