Sara Blakely founded Spanx Inc. in 2000 with $5,000 of her personal savings earned from selling fax machines door-to-door. Powered and implemented by Interactive Data Managed Solutions. Facts and lifehacks Sara Blakely's net worth, age, children, husband, wedding, contacts, profiles Updated Monday, November 28, 2022 at 5:47 PM by Peris Walubengo Sara Blakely celebrated Spanx's Blackstone deal by awarding all employees $10,000 and two first-class plane tickets to travel anywhere world wide. Blakely credits much of her success to her father, who encouraged his kids to fail. To solve the issue, she pulled out a pair of scissors and cut the feet off her pantyhose. The deal valued Spanx at $1.2 billion. So let's say Sara sold 80% of the company, that means she just accepted a $960 million cash-out. Those numbers are lower than analysts estimates for the firms sales from as early as 2015 and barely higher than in 2012, when it had sales of $250 million, as reported in Forbes first profile of the company. Like this story? Eventually, she got tired of working at Disney World and returned home to live with her mother. She ultimately spent her entire $5,000 life-savings to launch a slimming undergarment alternative to pantyhose. The companies intend to create an all-female SPANX board of directors as they align to help empower women globally.This acquisition is the culmination of an unprecedented journey for Blakely and SPANX. Photo: Martha Asencio Rhine/Zuma Press. The idea for Spanx came about in 1998, when Blakely cut off the feet of her control top pantyhose to make her first pair of shapewear. Two years later, Shapermint claimed it had grabbed 20% of the U.S. shapewear market with $150 million in 2020 sales, citing data from NPD Group. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Submit a correction suggestion and help us fix it! She just struck a deal with Blackstone Inc. that values the company at $1.2 billion. Nor are people who buy shapewear necessarily middle-aged. https://www.nytimes.com/2021/06/25/business/spanx-sale-private-equity.html. Shapewear giant Spanx has put out feelers over the prospect of selling in a deal upwards of $1 billion, according to a report from The New York Times. The deal values Spanx at a total of $1.2 billion. The online fashion retailer Ssense announced the first fund-raising in its 18-year history earlier this month, which valued the company at more than 5 billion Canadian dollars ($4 billion). Spanx founder Sara Blakely is a billionaire once again, Forbes estimates, following a deal to sell the majority of her shapewear company. Since founding the company in 2000, shed declined outside investment until last weeks Blackstone deal. Marla Aufmuth | Getty Images Entertainment | Getty Images In 2012, Spanx founder Sara Blakely was crowned by Forbes as the youngest self-made female billionaire. Blakely praised the all-female team she worked with at Blackstone and spelled out her new role: I will remain a significant shareholder and continue to help the business fulfill its greatest potential, as well as continue to fulfill my greatest passionelevating women.. With smarter, more comfortable must-haves including leggings, denim, the Perfect Pants collection, activewear, intimates and innovative shapewear, SPANX elevates women through product and empowers them to look and feel their best. Devastated yet determined, she signed up for an LSAT prep course, studied her "a-- off" (in her own words), took the test againand then did one point worse. I knew I was good at selling and that I eventually wanted to be self-employed. We do this by using extraordinary people and flexible capital to help companies solve problems. Last summer, Forbes reduced its estimated valuation of Spanx to $540 million, down from $1 billion in 2012. Kim Kardashian's Skims Is Now Worth $1.6 Billion - The New York Times - Special event. Spanx founder Sara Blakely says business will expand into denim and Seventy-five percent of Equmen customers are 37 to 43, according to Corie Chung, a founder. The deal will allow Spanx to further. The firm has agreed to buy a majority stake in the company at a valuation of $1.2 billion with Blakely maintaining a significant equity stake in the business. But key to shapewears post-pandemic success will be products that maintain a level of comfort many have become used to while working in loose clothing over the past year and a half. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Tamagotchis Estimated Profits: $900 million in gross sales A Godsend for every killjoy parent who refused to buy their kid an actual animal, these virtual petsoriginally developed for teen. Blakely, who also owns other investments, including a minority stake in the NBAs Atlanta Hawks, has a current net worth of $750 million, according to Forbes estimates. But [Disney World] only auditioned people for the character roles every once in a while, so in the meantime I got a job at Epcot.". Phased reopenings in 2021 have slowed the decline, but sales of shapewear in the year ending May 2021 still decreased 3% compared to the prior year, NPD estimates. When Sara Blakely sold a majority stake in Spanx to Blackstone last week, the deal valued the shapewear company at $1.2 billion and made the founder a billionaire once more. When Sara Blakely sold a majority stake in Spanx to Blackstone last week, the deal valued the shapewear company at $1.2 billion and made the founder a billionaire once more. His attitude taught me to define failure as not trying something I want to do instead of not achieving the right outcome.". Atrato Onsite Energy is set to list on the London Stock Exchange next monthwhich would make the energy business the first company with an all-female board to be listed on the 400-year-old exchange. Spanx founder Sara Blakely announced Wednesday that global investment firm Blackstone agreed to buy a majority stake in the pioneering shapewear company. Spanx did not return a request for comment. Private equity giant Blackstone announced Wednesday that it has agreed to buy a majority stake in the shapewear pioneer, in a deal that values the company at $1.2 billion. See here for a complete list of exchanges and delays. Blackstone buys majority stake in Spanx, valuing it at $1.2 bln Blackstone Buying Majority Stake in Spanx - WSJ The buyer placed a test order of 7,000 pieces on the spot. Spanx founder Sara Blakely announced Wednesday that global investment firm Blackstone agreed to buy a majority stake in the pioneering shapewear company. In 2001, when she debuted on the home shopping channel QVC, she sold 8,000 pairs of Spanx in the first six minutes of the broadcast. If you would like to share a story idea, please submit it here. In announcing the sale, Blakely thanked the all-female team shed worked with at Blackstone, and days later, she thanked Spanx employees, most of whom appear to be women, with a rather generous gift: two first-class tickets to any destination in the world and $10,000 in cash. Shapewear struggled during the pandemic, as women traded in their special occasion wardrobe for sweats and slippers, said NPD analyst Kristen Classi-Zummo. They made her a chipmunk instead, which she actually didn't end up doing. Oct 20 (Reuters) - Investment firm Blackstone Inc (BX.N) would buy a majority stake in Spanx, valuing the shapewear maker at $1.2 billion, the companies said on Wednesday. When she finally tried out to be Goofy, Blakely was told she was "too short to wear the costume." To view recent press releases, click here. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Switchboard: +1 (212) 583-5000. CNN Business Spanx, one of America's most prominent shapewear companies, is now worth $1.2 billion after inking a deal with Blackstone. The pandemic shutdowns dealt a heavy blow to the shapewear market, as weddings, galas, graduations and other formal gatherings were cancelled around the world. Sara Blakely: Start Small, Think Big, Scale Fast All quotes delayed a minimum of 15 minutes. A slew of other brands including Allbirds and Warby Parker are planning public listings. King & Spalding served as Blakelys legal advisor. Spanx, the shapewear brand, valued at $1.2 billion in Blackstone deal - CNN Blakely will retain a significant equity stake in the company she bootstrapped, according to Blackstone. The brand SPANX and the name Sara Blakely are renowned, few today wonder who founded Spanx? Sara Blakely owns 100% of the company and has self funded the company since the beginning. Have a great Tuesday. Growth within shapewear is coming from brands that are offering less structured, more versatile options that provide everyday shaping benefits. This is in addition to female-led technology businesses in which Blackstone has invested such as Ancestry.com, Articulate, and Ellucian.Blackstone will be making its investment in SPANX through its Blackstone Growth (BXG) and Blackstone Tactical Opportunities businesses. Soon Bloomingdale's, Saks, and Bergdorf Goodman were stocking Blakely's underpinnings. Further information is available atwww.spanx.com. After her net worth dropped below $1 billion in 2020, a Blackstone deal announced Wednesday has made Spanx founder Sara Blakely a billionaire once again. Spanx founder Sara Blakely sells majority stake in company to Blackstone To make ends meet better she eventually went corporate, accepting a job selling fax machines door-to-door. Dive Brief: Investment firm Blackstone has agreed to acquire a majority stake in womenswear brand Spanx, according to a press release. 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Founded by Sara Blakely in 2000, SPANX, Inc. is a dynamic womens brand that has revolutionized an industry and changed the way women around the world get dressed. Blakely, who has always owned 100% of the . Blackstone and Spanx said Wednesday that they want to create an all female board of directors at the apparel firm. Sara Blakely and Spanx CEO Laurie Ann Goldman on how they turned Spanx from a one-product wonder sold out of a Decatur, Ga. apartment into a $1 billion household name with zero advertising spend. Spanx did not respond to multiple requests for comment. Its charismatic founder, Sara Blakely, who made Forbes Worlds Billionaires list as the youngest self-made female billionaire that year, has been reluctant to share revenues of the company she owns. SPANX:Lauren Hauther(470) 868-8492[emailprotected], Blackstone:Matt Anderson(518) 248-7310[emailprotected], Mariel Seidman-Gati(917) 698-1674[emailprotected]. Through her personal foundation, Blakely has given millions of dollars to help elevate other women and in 2013 she signed the Giving Pledge, promising to donate half her wealth to philanthropy. On Monday, Kardashian West announced that Skims will be outfitting American athletes at the upcoming summer Olympics in Tokyo. My dream is for there to be many more female inventors, she said at the time. Variety, - Skimming it. Men's 'Shapewear' Is a Retail Hit - The New York Times Guardian, - Fairy-tale ending? Eventually. Bringing on a global company, she said, was the right move: "I operate off of gut and intuition." https://cbsn.ws/3lZv58k. The deal valued Spanx at $1.2 billion. The brand has attracted interest from private equity firms, including Carlyle, whose past investments in brands include Beautycounter, OGX and Supreme, and TPG, which has invested in Anastasia Beverly Hills. Have a great Tuesday. An Introduction to Sara Blakely. Fortune, - Global perspective. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 1:26 This article is for subscribers only. Shop SPANX Online | Nordstrom The companys annual revenues floated around $300 million to $400 million as of June, according to The New York Times, barely higher than its sales nearly a decade ago. When Sara Blakely sold a majority stake in Spanx to Blackstone last week, the deal valued the shapewear company at $1.2 billion and made. Were also excited for SPANX to join Blackstones growing investment portfolio of highly successful female-founded businesses.Todays investment in SPANX is the most recent example of a number of innovative female-founded companies Blackstone is proud to back.
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