After months of a messy legal battle over the similarities and business competition between Tory Burch‘s eponymous brand and her ex-husband Chris Burch’s lower-priced line C. Wonder, including Christmas subpoenas back and forth and no shortage of verbal battling on both sides, the once-married pair have settled their lawsuit.
Women’s Wear Daily reports that both Chris and Tory have agreed to settle the case over the sale of Chris’ stake in Tory Burch LLC. While they both initially owned a 28.3 percent stake in the company, the terms of today’s settlement are confidential, though WWD confirms that two new (and thus far anonymous) investors are involved.
“They are completely aligned with our long-term approach to building our brand and share our vision for growth globally,” chief executive officer Tory Burch said of the new minority investors. Calling the deal a “milestone transaction,” Chris Burch said he’s “confident” in the New York-based brand’s “continued success” as he stays on as a “significant investor.”
The effect the settlement will have on Burch’s allegations that C. Wonder ripped off the Burch brand with its lower-priced but aesthetically similar merchandise is unclear. But in the meantime, everyone seems (or at least sounds) happy. Here’s to a less legally fraught 2013!