Oprah Winfrey, Reese Witherspoon and Bumble Inc. founder Whitney Wolfe Herd have joined funds manager Blackstone in investing in Spanx, Inc. The investment values the women’s shapewear brand at $1.2 billion.
The new slate of celebrity investors also include investment funds Able Partners and G9 Ventures founded by Amy Griffin,
“I’m thrilled to welcome Oprah Winfrey, Reese Witherspoon, Whitney Wolfe Herd, G9 Ventures and Able Partners as investors of Spanx! This is an incredible, ‘pinch-me!’ full-circle moment because both Oprah and Reese have been longtime supporters of Spanx, and Whitney has been a gamechanger for women in business. Oprah was a big reason for Spanx’s early success when she named it one of her iconic ‘Favorite Things’ in 2000,” said Sara Blakely who founded the shapewear brand in 2000 and who now serves as Executive Chairwoman. “To have the support of these smart, thoughtful, world-class female-founders who have also disrupted their industries to elevate and support women means everything. As we like to say at Spanx, ‘we’ve got your butt covered!’ With these new partnerships, that promise is as true as ever. I can’t wait to see what’s in store for the brand — and most importantly — for our customers.”
Oprah Winfrey said: “When Sara first came on The Oprah Show to tell us about her idea for Spanx, I knew it was brilliant. We’d all been cutting off our panty hose for years! So from the moment I wore my first pair, they became a staple in my wardrobe. It’s remarkable the business that Sara and her team have created, with the comfort and support of all women at the heart of their creations, and I’m happy to be part of the evolution.”
Reese Witherspoon, Founder of Hello Sunshine, said: “As a self-made founder who has built an absolute powerhouse of a brand, Sara is an inspiration to female entrepreneurs everywhere. In addition to developing a remarkable product and business that literally supports women every day, Sara has become a role model for leveraging your success to elevate other women. I’m so proud of Sara and the entire Spanx team, and I cannot wait to see what the future has in store for this incredible company.”
Ann Chung, Global Head of Consumer for Blackstone Growth (BXG), said: “Since creating the shapewear category more than two decades ago, Sara has built the company into a leading apparel brand and online force – and they’re just getting started. We’re so excited to partner with their team and this iconic group of co-investors to further accelerate the business’ growth through new product innovation, geographic expansion and continued digital transformation.”
As previously announced, Blackstone and Spanx intend to create an all-female Spanx board of directors, and Blackstone’s investment team for the transaction was all women. Blakely will continue to maintain a significant equity stake. Blakely, along with Spanx’s existing senior management team, will also continue to oversee daily operations.
Spanx was represented by Goldman & Sachs and Allen & Co. in the transaction, with legal representation from Cravath, Swaine and Moore. King & Spalding served as Blakely’s legal advisor. Blackstone’s financial advisor for the transaction was JPMorgan and legal advisor was Simpson Thacher & Bartlett LLP.
Photo courtesy Spanx
