Blakely debuted on Forbes’ list of the World’s Billionaires list in 2012 as then the youngest self-made woman ever in the ranks. She fell off in 2020, as her shapewear firm Spanx struggled amid the pandemic and in the face of new rivals. This new deal returns her to the elite ranks.
“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,” Blakely, who will become Spanx’s executive chair, wrote inWednesday. 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 passion—elevating women.
The companies aren’t sharing the size of the stake Blakely will retain in the shapewear firm she founded 21 years ago, which could be as high as 49% given Blackstone's majority ownership. Blakely, 50, has held Spanx closely over the years, declining to accept outside funding until now. But after factoring in Wednesday’s deal and Blakely's other assets—which include a small stake in the NBA’s Atlanta Hawks and nearly $40 million worth of real estate—estimates her net worth to be $1.
In a story that’s now been told and retold, Spanx came to life as a way for Blakely to deal with an irritating problem. Unable to find suitable undergarments to wear under cream-colored pants for a party, Blakely cut the feet off her control top pantyhouse and wore them underneath...but they rolled up on her all night long. “I remember thinking, ‘I’ve got to figure out how to make this.’ I’d never worked in fashion or retail.
The dearth of galas and weddings during the pandemic also lessened the need for unforgiving formal attire and, consequently, the shaping garments often worn underneath. Sales of shapewear dropped 24% year-over-year in July 2020, according to market research firm NPD Group. Last summer,
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Sara Blakely Is A Billionaire (Again) After Selling A Majority Of Spanx To BlackstoneBlakely debuted on Forbes’ list of the World’s Billionaires list in 2012 as then the youngest self-made woman ever in the ranks. She fell off in 2020, as her shapewear firm Spanx struggled amid the pandemic and in the face of new rivals. This new deal returns her to the elite ranks.
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Sara Blakely Is A Billionaire (Again) After Selling A Majority Of Spanx To BlackstoneBlakely debuted on Forbes’ list of the World’s Billionaires list in 2012 as then the youngest self-made woman ever in the ranks. She fell off in 2020, as her shapewear firm Spanx struggled amid the pandemic and in the face of new rivals. This new deal returns her to the elite ranks.
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Shaping Up a Deal: Spanx founder on Blackstone's majority stakeSara Blakely, Spanx founder and executive chairwoman, and Blackstone's Ann Chung join 'Squawk Box' to discuss the shape-wear brand's first outside investment.
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