The Atlanta, Georgia-headquartered company said the acquisition will accelerate its digital transformation, expand its global footprint, and add new categories.
Blackstone, an American private equity firm, has taken a majority share in US underwear manufacturer Spanx.
The investment will increase the brand’s value to US$ 1.2 billion.
Blackstone will take a majority of the brand’s shares, but Sara Blakely, the founder of Spanx, will retain significant equity and oversee daily operations.
The acquisition will allow Spanx to accelerate and amplify its digital efforts while expanding its global footprint and bolstering its commitment to creating innovative products and services for its customers.
It is important to note that Blackstone’s investment in Spanx follows its support for several female-founded businesses, including Hello Sunshine and Bumble.
Sara Blakely, founder of Spanx, will keep “a substantial equity stake” in the brand and continue to manage daily operations with the senior management team.
The company also announced that she has been appointed executive chair of the newly created board.
Blakely started Spanx with a savings of 5,000 dollars and the goal to reimagine the male-dominated undergarment and shapewear industry.
Sara, who was delighted, stated that this was a crucial moment for female entrepreneurs. She added, “Together, Blackstone, I will have even greater opportunity to further my mission of making the world better… one butt at a time!”
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Spanx was founded by Sara in 2000 and has since grown to be a global leader. It manufactures primarily pantyhose for women, as well as other underwear. Since 2010, it has also produced underwear for men.
Blakely stated in a press release that “This is an important moment in the history of female entrepreneurs.” “I founded this company without any business experience or money. But I cared about my customers the most, which gave me the courage and confidence to launch it.”
She said, “I am just as excited about the future of Spanx today as I was 21 years ago when I started it.” Together with Blackstone, we have more opportunities to make the world a better place. One butt at a. time!
“We are honored that [Blakely] has chosen Blackstone to accelerate Spanx’s digital transformation, and we look forward to seeing what the company will accomplish with all of our resources.”
According to Forbes, the deal boosts Blakely’s net wealth to above 1 billion dollars after the pandemic that has impacted it in recent months. Forbes Magazine named her the world’s youngest self-made female billionaire in 2012.
Sara Blakely, the founder of Spanx, said that this is a crucial moment for female entrepreneurs. She will retain a “significant” equity interest in the company and will be its executive chairwoman. According to her, the $5,000 she saved for Spanx’s founding in 2000 was enough.
She stated Wednesday that she started the company without any business experience or money. However, she cared deeply about customers, which gave her the courage to launch it.
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