Historical investment for Spanx
Atlanta-headquartered shapewear, activewear and apparel brand Spanx recently announced that New York City-based investment firm Blackstone had acquired a majority stake in its business at a valuation of $1.2 billion.
The brand’s founder, Sarah Blakely, will maintain a significant equity stake in Spanx and her role will transmute to that of executive chairwoman, Blackrock said.
Going forward, the two companies hope to not only expand Spanx’s global presence and venture into new product categories, but also form an all-female board of directors at the company with the intention to “empower women globally”.
Ms Blakey commented: “I am as excited today for the future of Spanx as I was when I started it 21 years ago. 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!”
Image: Spanx via Instagram.
