In an all-female led deal, Blackstone has announced earlier this week that it is buying a majority stake in Spanx, valuing the apparel company at $1.2 billion. The shapewear brand sells undergarments, leggings, swimwear, maternity wear in over 50 countries.
“This is a really important moment in time for female entrepreneurs. I started this company with no business experience and very little money, but I cared the most about the customer, and that gave me the courage to launch the company.” -Sara Blakely
What is exceptional about Spanx is that it has been 100% bootstrapped since its inception. It all started in 1998 when founder Sara Blakely, unable to find underwear that wouldn't show through her clothing, found a creative solution before going to a party - cutting the feet out of a pair of pantyhose. At the time, in her late twenties, Blakely figured out other women might need this.
Identifying a gap in the male-dominated shapewear and undergarment industry, Blakely invested $5000 of her savings (earned by selling fax machines door to door!), designed the first SPANX prototype in her apartment, wrote her own patent, found a manufacturer, and pitched to retailers, all while maintaining her 9-to-5 job. She had never taken a business class in her life.
The company has since expanded its range of products, achieving multi-hundred million dollar yearly sales figures without outside investments.
The company has since expanded its range of products, achieving multi-hundred million dollar yearly sales figures without outside investments.
Blakely became the youngest woman to join Forbes billionaires' list in 2012. She signed the Giving Pledge in 2013, committing to give at least half of her wealth to philanthropy. A mother of four children, Blakely is passionate about helping women worldwide fulfill their best potential through the Spanx foundation. She has given millions of dollars to help elevate other women, including during the COVID-19 pandemic, when she launched The Red Backpack Fund to support small businesses to survive and thrive.
“People have asked me for 20 years, ‘When will you sell Spanx?’ And for 20 years I would say…‘I’ll just know.’ Well that day is today. […] I will remain a significant shareholder and continue to help the business fulfill its greatest potential, as well as continue to fulfill my greatest passion—elevating women.” - Sara Blakely
“Sara is an iconic businesswoman who bootstrapped Spanx into not only a category creator and household name, but also a symbol of authenticity, confidence building and female empowerment.” - Ann Chung, Global Head of Consumer for Blackstone Growth
Blakely will maintain a significant stake in the company and continue to oversee operations. She will transition to serve as executive chairwoman of Spanx’s newly appointed all-female board of directors.
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“Mental health is just as important as physical health, but for far too long the stigma of mental health has prevented too many people from seeking help. I have my own challenges with mental health, and therapy has been very empowering for me as I try to be the best person that I can be.”
“Where do we connect? What do all of us have in common? Pain. To acknowledge that is incredibly powerful. That place of vulnerability is where our strength comes from and the possibility of doing something different arises.”
