Blackstone, the American private equity firm, has decided to take a majority stake in US underwear maker Spanx.
The investment is expected to raise the shapewear brand’s valuation to US $ 1.2 billion.
While Blackstone will be taking a majority stake in the brand, Sara Blakely, founder of Spanx, will maintain significant equity in the business and oversee daily operations.
The acquisition will help Spanx speed up and amplify its digital efforts, while expanding its global footprint and fuelling its commitment to creating innovative products for its customers.
Here it is important to state that Blackstone’s investment in Spanx comes in the wake of the firm’s move to support a series of female-founded companies that include the likes of Bumble and Hello Sunshine, amongst others.
A delighted Sara said that this was an important moment in time for female entrepreneurs, adding “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!”
Founded by Sara in 2000, Spanx has today become a global powerhouse. It majorly manufactures pantyhose and other underwear for women and, since 2010, produces male underwear as well.
