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Expanding the business realm
Magnus Wedhammar, CEO puts polish on shoe brand ‘TOMS’ and the changing dynamics of the high-end shoe industry
Can you please tell us a bit about yourself and your brand?
I’m Magnus Wedhammar, the CEO at TOMS. I joined the organisation towards the end of 2019 to oversee all functions of the brand globally, bringing over 25 years of experience in the footwear, apparel, and accessories industry across Europe and the US. All of these experiences, particularly my time heading various product-focused projects at Nike and Converse, have led me to TOMS. It’s a great opportunity to apply the knowledge I’ve gained over time to put a socially conscious lifestyle brand like TOMS on the map of a young and engaged audience.
Is there a particular message behind the creation of TOMS?
TOMS has always been the brand that takes a stand: We are in business to improve lives. We are incredibly proud to have impacted 100 million lives together with our community through our shoe, sight, and water giving. This year, we announced a shift in our giving approach. Now, we give ⅓ of profits in support of grassroots efforts, supporting organisations worldwide that are creating change in their own local communities. This new way of giving allows us to support the grassroots organisations in a flexible way, considering their specific needs. And while grassroots leaders and neighborhood-based organisations have the vision, networks, and tactical ideas to address the challenges that their communities are facing, they don’t always have the resources. That’s where TOMS can effectively support. We build a true partnership with these organisations by asking what issues they are facing and what they need most. We then sort out where and how we can most impactfully support both financially and beyond.
What’s something unique about your brand that sets you apart from the other footwear brands?
Giving is in our DNA. Since our founding in 2006, our focus has been to successfully merge profit and purpose in order to support our vision of a thriving humanity. Giving is and will be the main driver of all our efforts. Instead of approaching non-profits with a one-off donation, every purchase of TOMS product creates an impact and helps us to build sustainable relationships with the organisations. And it is our iconic shoe style, the Alpargata, that is widely recognised for exactly this mission. The wearer of the TOMS Alpargata is making a statement that they support a brand that aligns with their values. This strong connection between product and impact is one element that makes TOMS stand out among other footwear brands.
How do you think the pandemic has changed business in ways that will endure in the years ahead?
I recognise that everyone has been impacted by the global health crisis. First and foremost, I hope that people are safe and healthy. Throughout the pandemic, we’ve seen more and more businesses taking a step back to evaluate their own impact and I’m encouraged by the shift in how many of them have integrated purpose into their own business models, similar to TOMS. I firmly believe that the more businesses and non-profit organisations and community leaders work together on the biggest issues facing us, the more quickly we will see humanity thriving. Together, we can create a better tomorrow.
What’s next for TOMS? How does the future look like for your brand?
It’s going to be an exciting journey! We’ve already launched our new impact model together with a vibrant look as well as bold innovations of our iconic style, the Alpargata. And there’s more to come, from fashion-forward collaborations to meaningful campaigns. All to appeal to a socially conscious and fashion-forward target audience with whom we can continue building a more equitable world together. We invite everyone to come with us on the journey to impacting the next 100 million lives!
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