As Sara Blakely prepared to sign over a majority stake in her shapewear company Spanx to private equity shop Blackstone in October, she didnt quite know how shed feel. Its why she has done stand-up comedy and purposefully puts herself in embarrassing situations. Thats been the education that has served me the best in creating something like Spanx. Sara invented Spanx in the late 1990s despite having no fashion, retail, or business leadership experience. Spanx company history timeline 1998 The inspiration for Blakely's first product came in 1998, when she sought a slenderizing hosiery to wear with a pair of close-fitting, cream colored pants and open-toed shoes. Today, she provides advice to small businesses as a shark on Shark Tank. Blakely is now executive chairman of the company, still with an eye on her true passion: product. She explains that she didnt want to sell until she felt that the time was right. Stay up to date with what you want to know. Why Spanx founder Sara Blakely hid her billion-dollar business idea SPANX, Inc. and Blackstone Close Majority Sale, Secure New Investors Spanx Founder Sara Blakely: Inside the Billionaire's Home - People.com While many of the worlds resources are being depleted, one is waiting to be unleashed: Women. The companies intend to create an all-female SPANX board of directors as they align to help empower women globally. "In a moment like this, I think of my mom and my grandmothers and their lack of options and all the women that came before them," Blakely said. When she realized how great she looked, she had an aha moment. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. "What it did was reframe my definition of failure," Blakely said of the tradition. Eventually, Blakely began to find value in her shortcomings. The transaction is subject to customary closing conditions. "I'm already having that conversation with my 7-year-old. SHAPE-SHIFTER: Spanx founder Sara Blakely bootstrapped for 21 years before selling in a November deal that valued the company at $1.2billion. But I had this intuition from the very beginning that if I allowed other outside investors in, that I would possibly lose my voice, and how deeply that mattered to me. Mortgage interest rate forecast: What experts predict for this year and 2024. ABOUT BLACKSTONE Sara Blakely is the founder of Spanx, a brand of slimming undergarments launched in 2000. It was announced on October 20th, 2021 that Sara Blakely, owner of Spanx, had sold a majority stake in business to Blackstone. Spanx was an early pioneer of shapewear, a category that's become increasingly competitive with makers including HoneyLove Inc. and Kim Kardashian West's Skims. In October 2021, Blakely sold a majority share of Spanx to Blackstone, bringing her net worth over the $1 billion mark. When Blakely started Spanx in 2000, her goal was to "one day be worth $20 million, and everyone laughed at me," she said in the videotaped remarks. At the time, her hosiery company was making 20% profit margins on nearly $250 million in annual sales, and Wall Street analysts valued Spanx at $1 billion. In October 2003, QVC became a launching pad for international expansion when Blakely appeared on QVC UK and QVC Germany, with a potential audience of 11.6 million viewers in the United Kingdom and 34 million viewers in Germany. Introduction This is the startup story of Billionaire Entrepreneur Sara Blakely. Get browser notifications for breaking news, live events, and exclusive reporting. After building 6-figure Etsy passive income, Ashley Park on her first big purchase after. And then ironically, Spanx never advertised for 16 years. "She also did lemonade stands. I'll know when it's the right time for me., Blakelys inner voice compelled her to hold her company tightly over the years, she said, turning down any external funding. Net worth: $1.2 billion. King & Spalding served as Blakelys legal advisor. 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. Spanx founder Sara . She joked that her classmates used to hate driving home from parties with her because shed listen to the tapes. Two decades later, the brand is synonymous with shapewear and has inspired a plethora of other players in the market it created . When the deal closes, Blakely will continue to hold significant equity in the company and oversee operations as executive chairwoman. All rights reserved. FORTUNE may receive compensation for some links to products and services on this website. They said, Business is war, Sara. After a few months at Disney World, she sold fax machines door-to-door in her hometown Clearwater, Florida for seven years. Were also excited for SPANX to join Blackstones growing investment portfolio of highly successful female-founded businesses.. And just promoting them, the same way. Powered and implemented by FactSet. Spanx hasn't responded to an NPR request confirming how many people it employs. She is the founder of Spanx, an American intimate apparel company with pants and leggings, founded in Atlanta, Georgia. "She was always doing something like that.". With its new backing from Blackstone, Spanx is planning a global expansion and a continuation of its move beyond shapewear into apparel. Sara Blakely Sara Treleaven Blakely [1] (born February 27, 1971) is an American businesswoman and philanthropist. SPANX was founded by Blakely 21 years ago when she took $5,000 in savings and set out to take on the male-dominated shapewear and undergarment industry. [2] Spanx founder Sara Blakely surprised her employees with two first-class plane tickets to a destination of their choice plus $10,000 to spend to celebrate the company's sale of a majority stake to . All Rights Reserved. When she got home, she wrote down her goal: I want to invent a product that I can sell to millions of people that will make them feel good. She told the universe that if she was given the idea, she would not squander it. That's a really wonderful way to connect with other human beings. She said her dad encouraged her to fail and that it helped her be comfortable taking risks. I cried, and I was crying for so many different reasons, she told Moira Forbes, Forbes' Executive Vice President and President of ForbesWomen, at the 2021 Forbes Power Womens Summit on Thursday. Im going to honor a lot of feminine principles intuition, empathy, kindness. Market data provided by ICE Data Services. Cheers erupted and tears flowed and a dance party filled the room. Here are some of the highlights. Blakely, who had never taken a business class in her life and was selling fax machines door to door at the time, wrote her own patent and invented the first SPANX undergarment in her apartment. "Her dad and I were golfers so we had extra putters and balls and things. As it turns out, that was a great place to start!. It's an inner knowing, she told Moira Forbes. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices It might seem like an instant success story to go from starting a business with $5,000 in savings to a billion-dollar valuation, but when Blakely spoke at the inaugural Forbes Next 1000 Summit she explained that it was far from easy and shared advice for other entrepreneurs. "Failure for me became not trying, versus the outcome.". SPANX: In my wildest dreams I never thought I would have started with their butts. She said she felt like she was in the wrong movie and knew she needed to make a change. In October, Sara Blakely sold a majority stake in her womenswear brand Spanx to Blackstone Share to Linkedin. 2023 Fortune Media IP Limited. In November 2000, Winfrey named Spanx her favorite product of the year. Mariel.seidmangati@blackstone.com, Internet Explorer presents a security risk. Spanx's Sara Blakely marks Blackstone deal by giving staff - Fortune Blackstone is the worlds largest alternative asset manager. Spanx Founder Sara Blakely Is Back to Billionaire Status - Market Realist It was the right time, I knew it. "My dad would encourage me any time something didn't go the way I expected it to, or maybe I got embarrassed by a situation, to write down where the hidden gifts were and what I got out of it," she said. And the feminine energy on the planet has been so squashed for a really long time. This week's Shark Tank sees Sara Blakely, the billionaire founder of Spanx, joining the show as a guest investor. Here's how. Who is Sara Blakely? Get to know billionaire Spanx founder as she joins About SBF Since its inception in 2006, the Spanx by Sara Blakely Foundation has donated millions to charities around the world, focusing on charities that empower underserved women and girls. I hope youre ready. It gave her the curiosity and confidence to ask manufacturers to take the rubber cord out of the waistbands and to use lycra instead to make them more comfortable. The womenswear company was valued at $1.2 billion in a recent sale. Spanx founder Sara Blakely's leadership philosophy is based in The Spanx by Sara Blakely Foundation is on a mission to support women and help them SOAR through education, entrepreneurship and the arts. A post shared by Sara Blakely (@sarablakely). (It's the same sentiment Apple co-founder Steve Wozniak has expressed about parenting to raise successful kids: "Let them explore," he said in 2018. In a completely unexpected twist, Branson handed me a check for $750,000 his paycheck from Fox for the show for me to start my own foundation to help women! ICE Limitations. Her friends begged her to buy a Prada bag, but Sara refused. And according to Blakely, much of her success is . ", Don't miss: The best 0% APR credit cards so you can finance your debt or new purchases interest-free, Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. Unlike many other founders of billion-dollar companies, Blakely did not rely on outside funding to scale. 2000 Footless Body-Shaping Pantyhose is placed on "Oprah's Favorite Things" list for 2000. Our $684 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Spanx History: Founding, Timeline, and Milestones - Zippia Its giving this permission in the workplace and in corporate America, that maybe its not a weakness. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. What Ive noticed with females in business and entrepreneurship, theres this real immediate pay it forward, she said. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. It was getting kind of weird. Here's what that means. Spanx names a new CEO | CNN Business - Breaking News, Latest News and SPANX was represented by Goldman & Sachs and Allen & Co. in the transaction, with legal representation from Cravath, Swaine and Moore. A trailblazer in a category that now includes Kim Kardashian West's Skims, the 50-year-old Blakely started Spanx with $5,000 she made selling fax machines door-to-door. Two decades ago, Sara Blakely founded the shapewear brand Spanx out of her own need for a functional undergarment to wear under cream-colored pants, Forbes reported. As a teen, Sara started an impromptu babysitting service at the Hilton Hotel in her hometown of Clearwater Beach, Florida, her mother said. Should You Buy Groceries at the Dollar Store? To ensure the most secure and best overall experience on our website, we recommend the latest versions of, Companies align to help empower women globally, The acquisition will accelerate SPANXs already rapid digital transformation and expansion of its global footprint across more categories, Transaction led by all-female Blackstone investment team, Blakely to become Executive Chairwoman of newly appointed board of directors. Spanx Stats: Founder of SPANX: Sara Blakely Age at Founding: 27 When: 1998 Industry: Fashion & Apparel Annual Revenue: $250MM Blakely took a moment to make a toast to all the women who came before her and "all the women in the world who have not had this opportunity.". Sara Lee, maker of Leggs and Hanes brands of pantyhose, launched Smooth Illusions in the spring of 2001, and leading designers, such as Donna Karan and Calvin Klein, responded with comparable products. When the deal closes . Through tremendous consumer demand, the company has expanded into offering both innerwear solutions and figure-flattering outerwear, activewear and swimwear. Blakely said that female founders, in general, tend to nurture other up-and-coming female founders. Blackstones financial advisor for the transaction was JPMorgan and legal advisor was Simpson Thacher & Bartlett LLP. "This would have only been a very remote dream.". Ive operated the business off of intuition the whole time, she says, explaining why now was the time to sell. Founded by Sara Blakely in 2000, SPANX, Inc. is a dynamic women's brand that has revolutionized an industry and changed the way women around the world get dressed. In a video posted on Instagram last week, Blakely celebrated the sale with her employees. So she would lay out a course with beach towels with building blocks for obstacles and toys and all kinds of things. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. Ellen said she allowed her children to be bored and recommends parents do the same for their children. 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. 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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. Matt Anderson In addition to her entrepreneurship, Sara engages in philanthropy through . Instead, she led Spanx with 'intuition' and 'vulnerability'. After her net worth dropped below $1 billion in 2020, a . As part of the deal, Blackstone and Spanx promised an all-female board, and Oprah, Reese Witherspoon and Bumbles Whitney Wolfe Herd joined as investors. Now, two decades after Blakely launched the pioneering womenswear company, global investment firm Blackstone is buying a majority stake in Spanx, which is valued at an estimated $1.2 billion in the deal. One woman's going to Bora Bora on her honeymoon. I never was looking for growth just for the sake of growth. An earlier caption mistakenly said Spanx was founded in 2020. Blakely, who is also a mother of four, said she has tried to shine a light on other women over the years by investing in female founders, hiring women for leadership positions and featuring female-founded companies in Spanxs catalog, which went out to millions of readers starting in 2004. Sara Blakely, founder and CEO of Spanx, turned just $5,000 into abillion-dollar business after hustling to bring her shapewear brand to market. The employee data is based on information from people who have self-reported their past or current employments at Spanx. 'I Feel The Divine Feminine Rising' - Spanx Founder Sara Blakely On How Zippia gives an in-depth look into the details of Spanx, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Spanx. I didn't really entertain her," Ellen told Reilly. Ill know when its the right time for the business, Ill know when its the right time for me. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. Im going to do this very differently. When starting Spanx, Sara heard a lot of nos. That was all just from someone with no previous experience, being willing to stand in a room with experts and challenge the way it was done, she remembered. At the conclusion of the show came a huge surprise. Blakely revealed her largess at a party last week to celebrate an October 20announcement that Blackstone was buying a majority stake in the Atlanta-based maker of slimming briefs, bras, pantyhose and other undergarments. Blackstone is betting on a Spanx that has broadened its focus; it now sells products ranging from sports bras to leather leggings, which may help it grow further in the face of increased competition. She spent two years and $5,000 of her own money diligently patenting the idea, finding a hosiery manufacturer, prototyping the product, and successfully pitching it to Neiman Marcus, all while working a full-time job. Blakely also recommends that entrepreneurs get comfortable with failure and work on not caring as much about what people think. Spanx may also be known as or be related to Spanx and Spanx Inc. Personalize your job search. (Photo by. The youngest woman to make Forbes Magazine's list ofbillionaires with no inheritance or other help, Blakely in 2013 becamethe first female billionaireto sign the Giving Pledge, joining other wealthy people in vowing to donate the majority of their wealth to philanthropic causes. Her father gave her cassette tapes of his speeches when she was 16 years old and going through heartbreaking tragedies. I think thats going to start happening naturally more and more as more women get in these positions and have their own businesses.. 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. / MoneyWatch. All Rights Reserved. This includes in just the last two years Bumble, the online dating app where women make the first move founded by Whitney Wolfe Herd; Hello Sunshine, the mission-driven media company that puts women at the center of every story it creates, founded by Reese Witherspoon; Hotwire Communications, a leading provider of cutting-edge fiber-based telecommunication services co-founded by its CEO Kristin Johnson; and GeoComply, a global leader in geolocation compliance technology, co-founded by its Chairman Anna Sainsbury. When it comes to expressing gratitude to employees, Spanx founder Sara Blakely could teach Jeff Bezos a thingor two. I'm going to honor a lot of the feminine principles of intuition, empathy, kindness, [and] just allowing myself to be vulnerable through this process.. The chief executive and founder of women's shapewear company Spanx celebrated a new billion-dollar deal by giving first class tickets and $10,000 (7000) to every employee. I just always said, I'll just know, I'll know when it's the right time for the business. It can legally drink now. I was like, OK, I need my baby to go out into the world and experience the next chapter., Read: How To Ask For a Raise and Get It. And according to Blakely, much of her success is due to her upbringing and her mom, Ellen Blakely. It's very difficult being a parent. Blackstone's investment follows other acquisitions in companies founded by women, including Whitney Wolfe Herd's Bumble Inc. and Reese Witherspoon's Hello Sunshine media. Female founders are crashing the billionaire club. Sara Blakely: 7 Life Lessons from the Founder of SPANX At the same time, it became my platform to give back. "She would come home with her wads of dollar bills, but it wasn't about the money, it was about doing something. This acquisition is the culmination of an unprecedented journey for Blakely and SPANX. Follow Spanx on Facebook, Twitter and Instagram @Spanx. That was Ron DeSantis ethics chair either has to give that up or his $400,000 salary as Disneys administrator, judge rules. Before starting Spanx, I wrote in my journal that I wanted to invent a product that would make millions of women feel good. Its awesome.. Sara Blakely (shown here in 2013) is the founder of Spanx. This is a really important moment in time for female entrepreneurs, Blakely said. Sara Blakely | Speaking Fee | Booking Agent - All American Speakers Bureau And I wanted to protect how we were doing it., Check Out: 4 Daily Habits of Female Entrepreneurs To Incorporate Into Your Routine ASAP. Business Insider caught up with Blakely at Cosmopolitan and SoFi's Fun Fearless Money event and asked if she's continued her dad's dinner-table tradition with her four kids. Sara Blakely | Biography, Spanx, & Facts I felt every emotion at the exact same time. Spanx founder Sara Blakely is one of the richest self-made women in the world. A Division of NBC Universal, How I built KIND into a multibillion-dollar business, Bruno Mars reveals No. Goldman was specifically looking for a Spanx product, and the pair exchanged contact detailsGoldman became the CEO of Spanx in 2002. When she was 16-years-old she watched her friend get hit by a car. October 27, 2021 / 8:09 AM Spanx's Founding Story Blakely came up with the idea for Spanx in the late 1990s when she was just 27 years old and working as a salesperson, selling fax machines door to door. Blackstone Buys Majority Stake in SPANX, Inc. People are far more emotional about that, she says. Copyright 2023 CBS Interactive Inc. All rights reserved. Blakely credits a part of Spanxs success to getting the stamp of approval from Oprah Winfrey early on and said that now that she has the power to voice her support for other women, she does the same. While Blakely thinks "so many people don't take risks for fear of failure," she isn't one of them. "Be a little lose, let them explore and try their own things."), "Let [kids] find their passion," Ellen told Reilly. The company didnt spend money on advertising for 16 years, the founder said, instead counting on word of mouth from the likes of Oprah Winfrey. The womenswear company was valued at $1.2 billion in a recent sale. The shapewear mogul bought her 'idol' Olivia Newton-John's iconic Grease pants at a 2019 auction and shared an emotional tribute following the pop icon's death on Monday. Do the best you can. "So with everybody's two first-class tickets to anywhere in the world, you are each getting $10,000.". Matthew.anderson@blackstone.com, Mariel Seidman-Gati He joined me in Atlanta in 2006 to launch Spanx by Sara Blakely Foundationand the rest is historyherstory! A day after reaching a deal to sell the underwear maker to a private equity firm, she gave each of her 500 workers first-class plane tickets and $10,000 in spending money. She'll also be executive chairwoman once the deal closes. Terms & Conditions. Spanx founder Sara Blakely announced Wednesday that global investment firm Blackstone agreed to buy a majority stake in the pioneering shapewear company. I have run this business, I've run my life, very, very connected to intuition, which we all have. It all makes for a rather heartwarming video that. Dyer back then taught me about the law of attraction, manifesting what you want and visualization, which have all been tools that I use to take on a billion-dollar industry with an endless ad budget with my five grand.
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