Blackstone buys majority stake in American brand Spanx
Sara Blakely. Pic: Businesswire

Blackstone has acquired a the vast majority stake in womenswear brand Spanx at a valuation of $1.2 billion, with Spanx founder Sara Blakely retaining a significant fairness stake in the business. Blakely together with the current senior management workforce of Spanx will keep on to oversee each day functions. At closing, Blakely will come to be the executive chairwoman.
The acquisition will empower Spanx to accelerate its by now quick electronic transformation and powerful on-line presence in the e-commerce channel, develop its global footprint, and fuel its commitment to creating impressive, floor-breaking merchandise for its customers throughout even much more categories. The corporations intend to build an all-female Spanx board of directors as they align to assistance empower ladies globally, Spanx explained in a push release.
“This is a seriously important second in time for woman business people. I started off this firm with no business practical experience and quite little funds, but I cared the most about the shopper, and that gave me the courage to launch the company. At Spanx, we have constantly place the customer at the centre of what we do. I am as fired up now for the long run of Spanx as I was when I began it 21 decades ago. Now with each other with Blackstone, we will have even far more chance to even further our mission of making the globe a much better place… a single butt at a time!,” Blakely stated.
Blackstone has acquired a the greater part stake in womenswear model Spanx at a valuation of $1.2 billion, with Spanx founder Sara Blakely protecting a important equity stake in the business. Blakely along with the present senior management team of Spanx will continue to oversee every day operations. At closing, Blakely will turn into the govt chairwoman.
“Sara is an legendary businesswoman who bootstrapped Spanx into not only a group creator and home identify, but also a image of authenticity, self esteem making and feminine empowerment. We’re honored that Sara and her crew have placed their believe in in Blackstone as their associate of preference to further more speed up Spanx’s digital transformation and expansion, and search ahead to what the business will realize with our comprehensive established of resources driving it,” Ann Chung, world head of customer for Blackstone Advancement (BXG), mentioned.
“On a private stage, I am deeply proud to have led an all-female Blackstone financial commitment workforce in this partnership with Sara and her completed female senior administration crew. We’re also energized for Spanx to sign up for Blackstone’s escalating financial commitment portfolio of extremely effective woman-started enterprises,” Chung ongoing.

Fibre2Manner Information Desk (RR)

