But as she put pen to paper, Blakely said, the tears began. Sara Blakely (shown here in 2013) is the founder of Spanx. Like charging the neighborhood kids to play minigolf at her house. In reality, she says the backstory is that she wanted to go to law school but bombed the LSAT twice and, with her hopes dashed, decided she wanted to work at Disney World and dress up as Goofy. By her early 30s, Sara Blakely lost 11 people due to isolated incidents. What Ive noticed with females in business and entrepreneurship, theres this real immediate pay it forward, she said. While the Spanx founder sold a majority stake to private equity firm Blackstone last monthas traditional a source of capital as it getsher road there has been her own. Something told me this was the chance of a lifetime, and it was. News provided by The Associated Press. The best way that I can describe it is, I have run this business, I have run my life, very, very connected to intuition, which we all have, Blakely said. This is a really important moment in time for female entrepreneurs, Blakely said. 2000 Footless Body-Shaping Pantyhose is placed on "Oprah's Favorite Things" list for 2000. It was founded two decades ago. Sara Blakely: 7 Life Lessons from the Founder of SPANX Hilary slams Southern California with record rainfall as storm wreaks havoc, Trump's bond set at $200,000 in Fulton County election case, Biden in Maui amid criticism of White House response to Lahaina wildfire, House panel subpoenas senior IRS officials over Hunter Biden tax case, Slain store owner feared altercation over Pride flags, her friend says, Tony Stewart Racing driver Ashlea Albertson dies in highway crash, What to know about new COVID variants EG.5, FL.1.5.1 and BA.2.86 now spreading, Flood-ravaged Vermont waits for action from a gridlocked Congress, Saudi border guards allegedly killed hundreds of Ethiopian migrants, Spanx founder sells majority stake in brand, Spanx founder Sara Blakely sells majority stake in company to Blackstone, CEO who gave all his employees minimum $70,000 paycheck thriving six years later. Through tremendous consumer demand, the company has expanded into offering both innerwear solutions and figure-flattering outerwear, activewear and swimwear. People told Sara Blakely founding a business meant 'going to war.'. At SPANX, we have always put the customer at the center of what we do. Why Spanx founder Sara Blakely chose Blackstone as first investment By Kate Gibson. 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!, Ann Chung, Global Head of Consumer for Blackstone Growth (BXG), said: 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. She spent two years and $5,000 of her own money diligently patenting the idea, finding a hosiery manufacturer, prototyping the product, and successfully pitching it to Neiman Marcus, all while working a full-time job. ABOUT BLACKSTONE A post shared by Sara Blakely (@sarablakely). Blakely said that having a positive mindset helped her succeed and that it is the single greatest asset any entrepreneur has because it means they can push through obstacles, put out fires and pivot. I am as excited today for the future of SPANX as I was when I started it 21 years ago. Sara Blakely Net Worth | Celebrity Net Worth I talk to him all about, 'What have you tried to fail at this week? In 2013, Sara Blakely became the first self-made, female billionaire to sign the Melinda and Bill Gates and Warren Buffetts Giving Pledge, promising to give at least half her wealth to charity. She didnt want to have panty lines so she cut the feet out of her control-top pantyhose. I think thats going to start happening naturally more and more as more women get in these positions and have their own businesses.. After about six months of people asking me this right after I started the company, I just started to [say], I just want to exit a room and look good. Do the best you can. Indeed, her lucrative Spanx sale may represent an inflection point for female founders more broadly. "She was always doing something like that.". Footless Body-Shaping Pantyhose is placed on "Oprah's Favorite Things" list for 2000. It has spawned rivals such as Kim Kardashian's Skims, . 2023 Fortune Media IP Limited. Another's headed to a safari in South Africa. A day after reaching a deal to sell the underwear maker to a . It's an inner knowing, she told Moira Forbes. "So with everybody's two first-class tickets to anywhere in the world, you are each getting $10,000.". All Rights Reserved. 2021 CBS Interactive Inc. All Rights Reserved. In addition to the pandemics drag on the shapewear industry, Spanx faces new rivals including Shapermint, Honeylove and Kim Kardashian Wests shapewear brand Skims. Matthew.anderson@blackstone.com, Mariel Seidman-Gati Legal Statement. Spanx founder and self-made billionaire Sara Blakely with Mark Cuban on Shark Tank. Powered and implemented by Interactive Data Managed Solutions. I'm going to honor a lot of the feminine principles of intuition, empathy, kindness, [and] just allowing myself to be vulnerable through this process.. "It was important for me to give them freedom to explore what they wanted to do with their lives," Ellen told Megan Reilly, host of the "Who Is Your Momma" podcast, on Dec. 14. Because exposure was such a big part for me. Two decades ago, Sara Blakely founded the shapewear brand Spanx out of her own need for a functional undergarment to wear under cream-colored pants, Forbes reported. About | Spanx by Sara Blakely Foundation In October, Sara Blakely sold a majority stake in her womenswear brand Spanx to Blackstone At the time, her hosiery company was making 20% profit margins on nearly $250 million in annual sales, and Wall Street analysts valued Spanx at $1 billion. Founding Sara Blakely founded Spanx in 2000. Sara Blakely, founder and CEO of Spanx, turned just $5,000 into abillion-dollar business after hustling to bring her shapewear brand to market. Spanx Founder Sara Blakely Shares Her Best Advice For Entrepreneurs At Its an inner-knowing. (470) 868-8492 I was really interested in learning how to set up a foundation, because this had been a dream of mine, even before starting Spanx. 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When I started Spanx 21 years ago, I had people tell me, Its great you started a business. She is the founder of Spanx, an American intimate apparel company with pants and leggings, founded in Atlanta, Georgia. Spanx Founder Sara Blakely: Inside the Billionaire's Home - People.com About SBF Since its inception in 2006, the Spanx by Sara Blakely Foundation has donated millions to charities around the world, focusing on charities that empower underserved women and girls. By clicking Sign up, you agree to receive marketing emails from Insider Through working with Blackstone, Blakely now sees a balance of the masculine and the feminine., Blakely credits the emergence of billionaire female founders to shifting those forces into alignment. BX Figure it out.' In 2000, Blakely launched the Spanx brand from her apartment, undertaking all initial calls and marketing herself. SPANX was represented by Goldman & Sachs and Allen & Co. in the transaction, with legal representation from Cravath, Swaine and Moore. This is her 15 year journey. [2] ATLANTA & NEW YORK--(BUSINESS WIRE)--SPANX, Inc., the mission-driven womenswear brand founded by Sara Blakely in 2000, today announced a definitive agreement for a majority investment from funds managed by Blackstone (Blackstone), a leading global investment business. And I would say, 'You've got a lot of toys. Days after speaking at the Forbes Next 1000 Summit, Blakely made headlines again when she announced that Oprah Winfrey, Reese Witherspoon and Bumble founder Whitney Wolf Herd invested in the company. Founder SPANX Foundation 2006 - Present 17 years. As it turns out, that was a great place to start! After building 6-figure Etsy passive income, Ashley Park on her first big purchase after. Please enter valid email address to continue. The Blackstone deal team Blakely worked with was entirely women-led. When she realized how great she looked, she had an aha moment. Terms & Conditions. In my wildest dreams I never thought I would have started with their butts. It not only went to college but had moved back and was living at home with me. None of the information on this page has been provided or approved by Spanx. Founded by Sara Blakely in 2000, SPANX, Inc. is a dynamic women's brand that has revolutionized an industry and changed the way women around the world get dressed. The transaction is subject to customary closing conditions. Tien Le Enlarge this image Sara Blakely (shown here in 2013) is the founder of Spanx. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. I was willing to not grow as fast. Spanx company history timeline 1998 The inspiration for Blakely's first product came in 1998, when she sought a slenderizing hosiery to wear with a pair of close-fitting, cream colored pants and open-toed shoes. Sara Blakely, SPANX Founder (Photographer credit is Paul Thatcher). as well as other partner offers and accept our, NOW WATCH: How Sara Blakely went from door-to-door saleswoman to billionaire philanthropist. Blakely, who is also a mother of four, said she has tried to shine a light on other women over the years by investing in female founders, hiring women for leadership positions and featuring female-founded companies in Spanxs catalog, which went out to millions of readers starting in 2004. Without ever taking any outside investment, she went on to turn SPANX into a global powerhouse that has changed the lives of women all over the world. She started the company with $5,000 from her own savings, and its grown into a business now valued at $1.2 billion. For Blackstone, the deal with Spanx is its latest investment in a female-founded company, including Whitney Wolfe Herd's online dating app Bumble and Reese Witherspoon's Hello Sunshine media company. The kids just loved it. SHAPE-SHIFTER: Spanx founder Sara Blakely bootstrapped for 21 years before selling in a November deal that valued the company at $1.2billion. 'I Feel The Divine Feminine Rising' - Spanx Founder Sara Blakely On How Ellen said she allowed her children to be bored and recommends parents do the same for their children. Its the rise of the feminine, she says. Never miss a story: Follow your favorite topics and authors to get a personalized email with the journalism that matters most to you. Maybe the feminine is actually a strength and needs to be harnessed and needs to have a voice at a table., Career Tips: How To Give Off Boss Energy No Matter What Your Position. Twitter is now X. She wrote her own patent and invented her company's first undergarment in her apartment, cutting the feet out of pantyhose to wear under cream-colored pants. Business Insider caught up with Blakely at Cosmopolitan and SoFi's Fun Fearless Money event and asked if she's continued her dad's dinner-table tradition with her four kids. In fact, Ellen raised two successful entrepreneurs: Sara, 49, and also Ford Blakely, Sara's 45-year-old brother, who created messaging platform Zingle, which was acquired by Medallia for $42 million in 2019, according to a company press release. It wasnt until two years later, that she cut her pantyhose and came up with her invention. Sara Blakely | Speaking Fee | Booking Agent - All American Speakers Bureau And then ironically, Spanx never advertised for 16 years. Blakely, the founder of SPANX, started her empire at 27 with only $5,000 from personal savings. This acquisition is the culmination of an unprecedented journey for Blakely and SPANX. Plus, my baby is 21. I really think that's part of my secret weapon, she recalled. She joked that her classmates used to hate driving home from parties with her because shed listen to the tapes. I never was looking for growth just for the sake of growth. Now she says she tells entrepreneurs that what they dont know will be their biggest asset because not knowing how it should be done means they can be innovative. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. She dug her lucky red backpack out of her moms attic (the one she used during college), believing it would help change the course of her start-up. People have been asking me, Sara, whats your exit plan? I didnt know what an exit plan was. We became a household name through the power of women telling other women and sharing about the product, which is amazing.. And I wanted to protect how we were doing it., Check Out: 4 Daily Habits of Female Entrepreneurs To Incorporate Into Your Routine ASAP. I always wanted to honor the consumer in what we were making and doing.. This includes in just the last two years Bumble, the online dating app where women make the first move founded by Whitney Wolfe Herd; Hello Sunshine, the mission-driven media company that puts women at the center of every story it creates, founded by Reese Witherspoon; Hotwire Communications, a leading provider of cutting-edge fiber-based telecommunication services co-founded by its CEO Kristin Johnson; and GeoComply, a global leader in geolocation compliance technology, co-founded by its Chairman Anna Sainsbury. Sara Blakely, founder and CEO of Spanx, turned just $5,000 into a billion-dollar business after hustling to bring her shapewear brand to market. While many of the worlds resources are being depleted, one is waiting to be unleashed: Women. That was all just from someone with no previous experience, being willing to stand in a room with experts and challenge the way it was done, she remembered. Spanx Founder Sara Blakely Reflects on Her 'Unusual' Business - MSN Sara Blakely is the founder of Spanx, Inc., a women's brand that makes hosiery, shapewear, leggings, and other items to help women feel more . Ive used this entrepreneurial success to help shine a light on other women along the way, to fund other women along the way, to employ women, to put women in leadership positions, Blakley said. It's very difficult being a parent. The companys original product created a category, and its now seen as synonymous to shapewearas Kleenex is to tissues. From a young age, Spanx founder Sara Blakely was encouraged to take risks. Read More: 3 Alarming Ways Women Are Lagging Behind Men When It Comes to Their FinancesMore on Women and Money: Robinhood Cryptos COO Shares Why Women Shouldnt Be Intimidated To Invest in Crypto. So she would lay out a course with beach towels with building blocks for obstacles and toys and all kinds of things. Other new products introduced in 2002 included Topless Trouser Socks, in which band-free chins prevented the formation of deep crevices in the skin. Its really unusual for me to do this journey. But I had this intuition from the very beginning that if I allowed other outside investors in, that I would possibly lose my voice, and how deeply that mattered to me. I never was looking for growth just for the sake of growth. With smarter, more comfortable must-haves including leggings, denim, the Perfect Pants collection, activewear, intimates and innovative shapewear, SPANX elevates women through product and empowers them to look and feel their best. About Us SPANX founder Sara Blakely was getting ready for a party when she realized she didn't have the right undergarment to provide a smooth look under white pants. (It's the same sentiment Apple co-founder Steve Wozniak has expressed about parenting to raise successful kids: "Let them explore," he said in 2018. The investment firms G9 Ventures and Able Partners also backed Spanx. It was getting kind of weird. I was incredibly proud, incredibly grateful, sad, nervous, excited, all of it.. Also, in 2004, Spanx introduced the first all hosiery bra under the name Bra-lleluja. Then, before the quiet crowd, she announced the reason: because she has bought two first-class tickets to anywhere in the world for each employee. Blakely, 50, had reason to experience a torrent of emotions. Blakely revealed her largess at a party last week to celebrate an October 20announcement that Blackstone was buying a majority stake in the Atlanta-based maker of slimming briefs, bras, pantyhose and other undergarments. Why Spanx founder Sara Blakely hid her billion-dollar business idea When you make a mistake, or you have a failure, or you have an embarrassing moment, if you allow it to become a great story, you've got a great asset, she said. Blackstone is betting on a Spanx that has broadened its focus; it now sells products ranging from sports bras to leather leggings, which may help it grow further in the face of increased competition. Spanx, the shapewear pioneer, may sell itself, and private equity is How Spanx Founder Sara Blakely Created A Billion-Dollar Brand Further information is available at www.spanx.com. When she got home, she wrote down her goal: I want to invent a product that I can sell to millions of people that will make them feel good. She told the universe that if she was given the idea, she would not squander it. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. I had no money to advertise. Lauren Hauther At 56, she was too short and got cast as a chipmunk. Spanx Founder Sara Blakely's Dad Taught Her How to Redefine Failure . In October 2021, Blakely sold a majority share of Spanx to Blackstone, bringing her net worth over the $1 billion mark. The womenswear company was valued at $1.2 billion in a recent sale. Blakely is now executive chairman of the company, still with an eye on her true passion: product. "In a moment like this, I think of my mom and my grandmothers and their lack of options and all the women that came before them," Blakely said. Spanx History: Founding, Timeline, and Milestones - Zippia in a deal that values the company at $1.2 billion. And according to Blakely, much of her success is . Twenty-one years ago when I started Spanx, I ended up in the paper in Atlanta, and I was at a cocktail party and a couple of guys came up to me and they said, Sara, we read about you. Blakely, along with SPANXs existing senior management team, will continue to oversee daily operations, and at closing, Blakely will become the Executive Chairwoman. ', Why does it have to be war? she asks. Introduction This is the startup story of Billionaire Entrepreneur Sara Blakely. Spanx founder Sara Blakely surprised her employees with two first-class plane tickets to a destination of their choice plus $10,000 to spend to celebrate the company's sale of a majority stake to . In a Business Insider video, Blakely said her dad used to invite her and her brother to share their failures at the dinner table. Thats been the education that has served me the best in creating something like Spanx. "This marks a moment for female entrepreneurs," she said. Spanx Founder Sara Blakely Pens Tribute to 'Idol' Olivia Newton-John Blakely said that the soundbite is that she wanted to wear white pants to a party in 1998. I feel the divine feminine rising, I can feel it in all of us, Blakely reflected. "It was just the way Sara was," she said. Zippia gives an in-depth look into the details of Spanx, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Spanx. October 27, 2021 / 8:09 AM In the business arena, it has been so masculine, Blakely said.
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