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Sara Blakely. Pic: Businesswire
Blackstone has bought a majority stake in womenswear brand Spanx at a valuation of $1.2 billion, with Spanx founder Sara Blakely maintaining a significant equity stake in the business. Blakely along with the existing senior management team of Spanx will continue to oversee daily operations. At closing, Blakely will become the executive chairwoman.
The acquisition will enable Spanx to accelerate its already rapid digital transformation and strong online presence in the e-commerce channel, expand its global footprint, and fuel its commitment to creating innovative, ground-breaking products for its customers across even more categories. The companies intend to create an all-female Spanx board of directors as they align to help empower women globally, Spanx said in a press release.
“This is a really important moment in time for female entrepreneurs. 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. At Spanx, we have always put the customer at the centre of what we do. I am as excited today for the future of Spanx as I was when I started it 21 years ago. Now together with Blackstone, we will have even more opportunity to further our mission of making the world a better place… one butt at a time!,” Blakely said.
Blackstone has bought a majority stake in womenswear brand Spanx at a valuation of $1.2 billion, with Spanx founder Sara Blakely maintaining a significant equity stake in the business. Blakely along with the existing senior management team of Spanx will continue to oversee daily operations. At closing, Blakely will become the executive chairwoman.
“Sara is an iconic businesswoman who bootstrapped Spanx into not only a category creator and household name, but also a symbol of authenticity, confidence building and female empowerment. We’re honored that Sara and her team have placed their trust in Blackstone as their partner of choice to further accelerate Spanx’s digital transformation and growth, and look forward to what the business will achieve with our full set of resources behind it,” Ann Chung, global head of consumer for Blackstone Growth (BXG), said.
“On a personal level, I am deeply proud to have led an all-female Blackstone investment team in this partnership with Sara and her accomplished female senior management team. We’re also excited for Spanx to join Blackstone’s growing investment portfolio of highly successful female-founded businesses,” Chung continued.
Fibre2Fashion News Desk (RR)
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