Spanx, Sara Blakely, Forbes, Blackstone, Sara Blakely Is A Billionaire

Spanx, Sara Blakely

Sara Blakely Is A Billionaire (Again) After Selling A Majority Of Spanx To Blackstone

Sara Blakely is a billionaire (again) after selling a majority of Spanx to Blackstone

10/23/2021 2:15:00 PM

Sara Blakely is a billionaire (again) after selling a majority of Spanx to Blackstone

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 inan Instagram postWednesday. 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.”

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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—

Forbesestimates her net worth to be $1.2 billion as a result of the deal. A spokesperson for Spanx did not respond to multiple requests for comment.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. I just needed an undergarment that didn’t exist,” Blakely once told headtopics.com

ForbesBlakely on the cover of Forbes in 2012.Ben Baker/reduxBlakely used $5,000 in savings, earned primarily from her job as a door-to-door fax machine salesperson in Florida, to start her brand in 2000. Twelve years later, her hosiery company was netting 20% profit margins on nearly $250 million in annual sales, and Wall Street analysts valued Spanx at $1 billion. At age 41, Blakely became the youngest self-made woman to join

Forbes’earning her a spot on the cover.Spanx was once synonymous with the shapewear category, but competition has begun heating up in recent years. In 2018, Shapermint introduced brands Empetua and Trukind, and within two years the company claimed $150 million in 2020 sales and a 20% share of the U.S. shapewear market. Honeylove, an influencer favorite that has raised seed funding from Y Combinator and other venture capital firms, also entered the scene in 2018. And in 2019, Kim Kardashian West’s shapewear brand Skims stepped onto the runway. Spanx’s biggest rival yet, Skims

recently landed a deal with the U.S. Olympic teamand is worth about $1.6 billion following a $154 million April Series A funding round led by Joshua Kushner’s venture capital firm Thrive Capital. (Kardashian West, who together with her business partner owns a majority stake in Skims, is worth about $1.2 billion,

Forbesestimates.) 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, headtopics.com

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That's interesting. I like how the article says that her $1 billion dollar fortune was dragged to $750 million dollars, like that still isn't a lot of money (too much money). I think that the distinction between 1 billion and 750 million doesn't really matter. wef is talking about distributing wealth and food, but the elite have already been able to transfer 312 billion Dollars to their bank account in the first 6 months of the Covid19 pandemic, so stop with TheGreatReset which leaves citizens worldwide in poverty and famine. pour!

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Shaping Up a Deal: Spanx founder on Blackstone's majority stake Sara Blakely , Spanx founder and executive chairwoman, and Blackstone 's Ann Chung join 'Squawk Box' to discuss the shape-wear brand's first outside investment.

Shaping Up a Deal: Spanx founder on Blackstone's majority stake Sara Blakely , Spanx founder and executive chairwoman, and Blackstone 's Ann Chung join 'Squawk Box' to discuss the shape-wear brand's first outside investment.

ForbesWomen Weekly: Sara Blakely Is A Billionaire Again, A New Way To Battle Burnout, And MoreThis is this week’s Forbes Women newsletter, which every Thursday morning brings news about the world’s top female entrepreneurs, leaders and investors straight to your inbox. Sign up today! Investing today will save you the stress of financial crisis tomorrow.. Live the kind of life you want today by investing and trading Bitcoin option. Trade with a professional trader and start making good profits today. Akin davis for transparency and trust.

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