Oprah Winfrey and Reese Witherspoon are the latest high-profile backers of Spanx:
... [+]Womenswear brand Spanx has drawn the attention of celebrity investors Oprah Winfrey and Reese Witherspoon, who both joined as backers of the company as it completes the sale of a majority stake to investment firm Blackstone.
The deal, which values Spanx at $1.2 billion, closed Thursday morning. The company announced the completion of the transaction—along with a handful of new investors—in a . Other new backers of Spanx include Bumble cofounder and CEO Whitney Wolfe Herd, along with female-founded investment funds G9 Ventures and Able Partners. The company will have an all-female board of directors, Blackstone and Spanx said.once again because of the deal, praised the participation of Winfrey and Witherspoon, who she described as “longtime supporters of Spanx.
This is not the first time Winfrey, Witherspoon and Wolfe Herd have crossed paths with Blackstone. Winfrey previously invested in dairy alternative company Oatly alongside the investment firm. Blackstone also acquiredin 2019 and bought Witherspoon’s Hello Sunshine production studio earlier this year.
Blakeley, 50, started Spanx in 2000 with $5,000 earned primarily from her job as a door-to-door fax machine salesperson in Florida. By 2012, her company was reporting 20% profit margins on almost $250 million in annual sales. That year, Blakely became the youngest self-made woman to join
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