Spanx, one of America’s most prominent shapewear companies, is now worth $1.2 billion after inking a deal with Blackstone. The two firms announced Wednesday that the private equity company will assume a controlling interest in the brand. While the businesses did not say how much Blackstone paid for its share, they did state that it was valued at an eight-figure sum in a press statement.
Spanx creator Sara Blakely, who will maintain a “substantial” ownership position in the company and become its executive chairwoman, stated, “This is a really critical point in time for female entrepreneurs.” She has stated that she started Spanx in 2000 with $5,000 in her savings account. The agreement would help Spanx to grow its web presence and “global reach,” as well as its product portfolio, according to the businesses. She said that she 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.
Skims, the company founded in 2019 by Kim Kardashian West, is another prominent US shapewear brand. When Forbes designated Kardashian West a billionaire earlier this year, the financial publication attributed a chunk of that to the success of Skims, which a source told the magazine was valued at more than $500 million. The New York Times has pegged the company’s value at $1.6 billion.