On Oct. 20, 2021, Sara Blakely announced that Blackstone had agreed to purchase a majority stake in Spanx, valuing the company at $1.2 billion. She will keep a sizable share and step into the role of Executive Chair. The deal is the first major external investment in a company she built without outside capital.
The story began in 2000 when Blakely, then a door‑to‑door fax‑machine salesman, used $5,000 of her savings to prototype a new line of women’s shapewear. She wrote her own patent and sold the first samples from her apartment, a move that earned her a spot on TIME’s 100 list and a Forbes cover as the youngest self‑made female billionaire.
Blackstone’s investment was joined by Oprah Winfrey, Reese Witherspoon, Whitney Wolfe Herd, G9 Ventures and Able Partners. The transaction closed on Nov. 18, 2021, and Blackstone’s deal team is entirely female. Ann Chung, Global Head of Consumer for Blackstone Growth, said the capital will fund product design, international expansion and a digital overhaul.
Beyond the numbers, the deal signals a shift for women entrepreneurs. Blakely, who signed the Giving Pledge in 2013, has already donated millions to causes that support women and girls. The company’s new board will be all‑female, a first for a firm that grew from a home‑based prototype to a global brand.
Looking ahead, Spanx will roll out an all‑female board and aim for deeper global markets, with Blakely at the helm of strategy and product innovation.