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Tory Burch Becomes Billionaire as Ex-Husband Sells Stake

Chris Burch, the former husband of fashion designer Tory Burch, sold about half of his 28.3 percent stake in New York-based retailer Tory Burch LLC Dec. 31, settling a year-old legal dispute between the couple, according to two people familiar with the transaction.

The sale values the closely held operation at about $3.3 billion, according to New York-based research firm PrivCo Media LLC, and makes Tory Burch, 46, a billionaire. The two people said Chris Burch, 59, will retain about a 15 percent stake in the New York-based operation, which sells high-end women’s clothing and accessories, including popular ballet flats adorned with the company’s double-T logo.