TOMS made a name for itself in the mid 2000’s as a company with a heavy focus on using business as a force for social impact in developing countries. Its One for One® strategy which promised to donate a pair of shoes for every pair sold, gained much publicity and became a popular model for social enterprises. In 2019, due to financial difficulties, TOMS abandoned its famous social enterprise model in an attempt to save itself. The company has new owners and a new CEO intent on executing a business turnaround based on product development. This new era of the company marks its third phase where the company is looking to make its products attractive to a new generation of consumers by following key trends in the footwear market. As TOMS abandons its One for One® model, Amy Smith, TOMS Chief Strategy and Giving Officer, has to figure out how to scale TOMS new impact grant strategy by allying TOMS products with causes that are localized and presumably easily relatable to its new target customer demographic. Amy needs to ensure that TOMS remains a social impact business while fulfilling its new impact grants commitment of donating a $1 for every $3 in profits. As the company is looking to change its impact strategy, Amy must clearly communicate TOMS new social impact direction to attract customers, supporters, partners and resources. Amy hopes she can find inspiration from TOMS journey as a social impact business to lead it into the future.
|FOOTWEAR AND APPARELS