Blackstone is buying a majority stake in Spanx, becoming the first outsider to put money into a company that revolutionized women’s shapewear
is buying a majority stake in Spanx Inc., becoming the first outsider to put money into a company that shook up women’s shapewear.
Ms. Blakely, who founded the company in 2000 with $5,000 she earned from selling fax machines in her hometown of Clearwater, Fla., was inspired to create shapewear made from comfortable hosiery material when she couldn’t find anything that would conceal her undergarments under a pair of cream-colored pants.
“People have been asking me for 20 years when I will sell Spanx, and for 20 years I have said I’ll just know,” Ms. Blakely said. “I operate very much based on instinct.”
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