Sara Blakely's $5K Dream: Spanx Sells Majority Stake

Sara Blakely launched Spanx with just $5,000 in savings, starting from her apartment while working as a fax machine salesperson. She developed a novel women's undergarment, navigating the male-dominated apparel industry without formal business training or outside investment. The company initially focused on shapewear and later expanded its offerings to include a wide range of clothing.

In October 2021, Spanx reached a valuation of $1.2 billion when global investment firm Blackstone announced its agreement to acquire a majority stake. Blakely retained a significant ownership stake and assumed the role of Executive Chairwoman. This transaction underscored the company's remarkable growth and market impact over two decades.

The deal also saw prominent women, including Oprah Winfrey, Reese Witherspoon, and Whitney Wolfe Herd, join as investors. Winfrey, who had previously featured Spanx in her 'Favorite Things' list, expressed long-standing admiration for Blakely's innovative vision. The investment aimed to support product development and international expansion.

Following the investment, Spanx announced plans to establish an all-female board of directors, reflecting a commitment to female leadership. Blackstone's involvement also highlighted its ongoing investments in female-founded businesses. Blakely has also been a philanthropist, pledging half her wealth to charitable causes.