(Filed Under wholesale Lingerie News). Investment bank Blackstone is buying a majority interest in Spanx, with Sara Blakely continuing to own “a significant equity stake,” and remaining to oversea operations along with her “existing senior management team.”
Although the purchase price was not announced, it was revealed that the Blackstone acquisition valued the entire company at $1.2 billion.
“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.” Blakely will become the executive chairwoman. According to a quote in a Wall Street Journal report, two thirds of its sales currently come through its website.
Blakely, who founded the firm in 2000, commented, “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.” She added, “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!”
The brand has expanded to offer a variety of products including: innerwear solutions, shapewear, intimates, figure-flattering outerwear, activewear, swimwear, leggings and denim.
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