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Havaianas Flip-Flop Company Sold For More Than $1 Billion
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15 Jul 2017 01:36 AM EST

The popular Brazilian flip-flop brand Havaianas is reportedly being sold for £844 million to help pay off debts related to a fine connected to a corruption scandal. Havaianas flip-flops have been around since 1962, but gained popularity in the U.S. in the 2000s, thanks, in part to celebrities like Miley Cyrus and Jennifer Anniston who have been seen sporting the iconic footwear.Business Insider reports that J&F Investimentos, run by Brazil's Batista family, is the owner of the brand and sold its earnings to three different banking groups in the country.

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