Havaianas owner J&F puts best foot forward, selling stake to clear fines and debts

 
Oliver Gill
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Around 200m pairs of Havaianas are sold worldwide each year (Source: Getty)

Flip-flop giant Havaianas has been sold for 3.5bn Brazilian real (£850m) to a consortium of Brazilian banks as its owners liquidate assets to foot multi-billion real fines.

The Batista family owns the brand through scandal-hit J&F group, which must pay 10.3bn real of leniency fines linked to a corruption scandal.

Cambuhy Investimentos, Itausa Investimentos and Brasil Warrant are the new owners of the business. J&F owns an 86 per cent stake in Havaianas parent company Alpargatas.

Read more: Has Havaianas come up with the best Black Friday marketing ploy?

The Brazilian label has dominated the global flip-flop market, selling around 200m pairs each year. In its home country, the brand is so prevalent flip-flops are known as Havaianas.

The sale had been widely mooted over the weekend with J&F seeking to jettison a number of businesses to pay both fines and reduce short-term debts of 18.1bn real.

Joesley and Wesley Batista have admitted paying bribes to up to 1,900 politicians in a scandal that goes to the top of Brazilian politics and has led to President Michel Temer's job being on the line.

Read more: Brazil's two-year recession ends but political scandal still looms large

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