Who is Spanx CEO, Sara Blakely?
She is an American businesswoman and philanthropist along with the founder of Spanx, an American intimate apparel company with pants and leggings, founded in Atlanta, Georgia.
In 2012, she was named in Time magazine’s “Time 100” annual list of the 100 most influential people in the world. In 2014, she was listed as the 93rd most powerful woman in the world by Forbes.
Quick Facts
| Titles | Description |
| Real Name | Sara Treleaven Blakely |
| Birth Place | Clearwater, Florida, U.S. |
| Date of Birth | 27th February 1971. |
| Nationality | American |
| Religion | Judaism |
| Source of Income | American businesswoman and philanthropist. |
| Age | 50 years (As of 2021). |
| Father’s name | John Blakely. |
| Mother’s name | Ellen Blakely. |
| Siblings | She has a brother, artist Ford Blakely. |
| Star sign | Pisces. |
| Residence | She has a brother, artist Ford Blakely. |
| School | She attended Clearwater High School. |
| University | Florida State University. |
| Educational qualification | Graduated with a communication degree. |
| Height | 5 feet 9 inches / 175 cm. |
| Weight | 60 Kg / 32.28 Lbs. |
| Hair Color | Brown. |
| Eye Color | Light Blond. |
| Ethnicity | African-Americans |
| Marital Status | married. |
| Husband | Jesse Itzler (married in 2008). |
| Children | They have four children. |
| Profession | Businesswoman and philanthropist. |
| Sexual Orientation | Straight. |
| Twitter/Sara Blakely | |
| Instagram/Sara Blakely | |
| Facebook /Sara Blakely | |
| Net Worth | $ 1.2 billion (Rs 89,31.73 Cr). |
| Last Updated | November 2021. |
Early Life
Sara was born on 27th February 1971, in Clearwater, Florida. She is the daughter of her mother Ellen who is an artist, & father a trial attorney named John Blakely. She has a brother, artist Ford Blakely.
She studied at Clearwater High School and graduated from Florida State University with a communication degree.
Career
After three months at Disney World, she got a job selling fax machines door-to-door for an office supply company. She was quite good at her job and was promoted to national sales trainer when she was twenty-five years old.
In the 1990s, a job like this meant she was required to dress professionally, which included pantyhose.
She liked the control top aspect of the pantyhose and how they eliminated panty lines and made her appear thinner.
There’s a saying that necessity is the mother of invention and this was very much true for her.
She then moved to Atlanta when she was twenty-seven for her job. Over the next two years, she researched and developed her idea using her $5,000 ( Rs 3.72 Cr) in savings.
Since most of the hosiery mills in the U.S are located in North Carolina, she went there to shop for her idea and try to find a company to make a prototype. Again and again, she was turned down. No one understood her idea.
Two weeks after returning to Atlanta, Blackly got a call from a hosiery manufacturer in North Carolina. He had
daughters and when he told them about her idea, they immediately not only understood it but thought it was brilliant. He offered to make her shapewear.
It took a year to make the first Spanx prototype. She worked on the packaging. Then, she called a local Neiman Marcus buyer and set up a meeting.
That was the right move as the buyer jumped at the chance to be the first to sell Blakely’s shapewear. Neiman Marcus ordered 7,000 pieces for their first order and put them up for sale in seven stores.
Soon Saks, Bergdorf Goodman, and Bloomingdale’s also wanted to sell Spanx.
She was hands-on through all stages of Spanx’s growth— including in product positioning and marketing. Gradually she insisted that Spanx be sold in the shoe department, as opposed to the hosiery department. This set her product apart.
At about the same time, she sent a basket of Spanx products to Oprah Winfrey’s television show with a note describing her life story and how the product came to be. Six weeks later, in November 2000, Oprah named Spanx a “Favorite Thing,” which sent sales and market awareness of her product soaring.
It was then that she finally quit her job at the office supply company. During the first year of sales, Spanx sold $4 million ( Rs 29.77 Cr) in products.
In its second year, sales jumped to $10 million ( Rs 74.42 Cr). She signed a contract with QVC in 2001 and sold 8,000 pairs of Spanx in the first six minutes they were available for purchase.
Spanx has never spent on advertising. Of course, it didn’t hurt that Blakely was a good salesperson, too.
Women who shop at that price point tend to be more brand loyal and less focused on price.
In 2007, Blakely made another smart move by partnering with Target to launch an exclusive lower-cost line of shapewear called Assets by Sara Blakely.
In 2017, Spanx had estimated sales of $400 million (Rs 29,73.80 Cr) Blakely owns 100% of the private company and has never taken outside investment.
A Billionaire (Again) After Selling A Majority Of Spanx To Blackstone
Private equity of Blackstone announced that it has agreed to buy a majority stake in the shapewear pioneer, in a deal that values the company at $ 1.2 billion (Rs 89,31.73 Cr). She will retain “a significant equity stake” in the company she bootstrapped, according to Blackstone.
The investment propels her net worth back over $1 billion (Rs 73,74.50 Cr) after a rocky pandemic retail landscape and heightened competition hindered Spanx’s growth. It dragged her billion-dollar fortune down to an estimated $750 million (Rs 55,75.87 Cr) in June.
She praised the all-female team she worked with at Blackstone and spelt out her new role: “I will remain a significant shareholder and continue to help the business fulfil its greatest potential.
The companies aren’t sharing the size of the stake Blakely will retain in the shapewear firm she founded 21 years ago, which could be as high as 49% given Blackstone’s majority ownership.
But after factoring in Wednesday’s deal and her other assets—which include a small stake in the NBA’s Atlanta Hawks and nearly $40 million (Rs 2,97.38 Cr) worth of real estate. Forbes estimates her net worth to be $1.2 billion (Rs 89,31.73 Cr) as a result of the deal.
Spanx was once synonymous with the shapewear category, but competition has begun heating up in recent years. In 2018, Shapermint introduced brands Empetua and Trukind, and within two years the company claimed $150 million (Rs 11,15.17 Cr) in 2020 sales and a 20% share of the U.S. shapewear market.
Kardashian West, who together with her business partner owns a majority stake in Skims, is worth about $1.2 billion (Rs 89,31.73 Cr) as Forbes estimates.
Last summer, Forbes reduced its estimated valuation of Spanx to $540 million (Rs 40,14.63 Cr) down from $1 billion (Rs 74,34.50 Cr) in 2012.
The company’s annual revenues floated around $300 million (Rs 22,30.35 Cr) to $400 million (Rs 29,73.80 Cr) as of June, according to The New York Times.
Television
In 2005, she attained second place as a contestant on “The Rebel Billionaire”. A reality television series that introduced her to Richard Branson, who later supported her in performances as both an entrepreneur and philanthropist.
She also appeared in a very brief cameo, as herself, on “Elmsley Court,” episode 12 of Billions Season 3.
Real Estate
In 2008, she bought a three-bedroom, 3,093 square foot condo in Manhattan at 15 Central Park West for $12.11 million (Rs 90.03 Cr). She sold it in 2014 for $30 million (Rs 2,23.03 Cr).
Philanthropy
In 2006, Sara launched the “Sara Blakely Foundation” to help women through education and entrepreneurial training British business magnate Richard Branson acted as a mentor to her and, at the conclusion of The Rebel Billionaire, surprised her with a $ 750,000 (Rs 5.57 Cr) check to start the Foundation.
After its launch, her Foundation has funded scholarships for young women at the Community and Individual Development Association City Campus in South Africa. She appeared on “The Oprah Winfrey Show” in 2006, donating $1 million (Rs 7.43 Cr) to the Oprah Winfrey Leadership Academy for Girls.
In 2013 Blakely became the first female billionaire to join the “Giving Pledge,” a campaign to encourage extremely wealthy people to contribute a majority of their wealth to philanthropic causes with American business magnate, software developer, Bill Gates and Warren Buffett‘s pledge.
In 2019, she paid $162,500 (Rs 1.20 Cr) at an auction for the black pants worn by Olivia Newton-John in Grease; the proceeds from which benefited Newton-John’s cancer treatment centre in Melbourne, Australia.
Personal Life
In 2008, she married Jesse Itzler, the co-founder of Marquis Jet, at the Gasparilla Inn and Club in Boca Grande, Florida, U.S. The couple met at a NetJet Poker Tournament, and they dated for a year prior to engagement.
The wedding was attended by actor Matt Damon and featured a surprise performance by singer Olivia Newton-John. Together, they have four children. She is a convert to Judaism.
What was the bonus Blakely gifted Spanx employees?
On Thursday, 21st October 2021, She posted a video to her Instagram in which she announced to her employees that she sold a majority stake of Spanx to Blackstone.
Following the announcement, she gifted each of her employees two first-class Delta airline tickets to anywhere in the world, as well as a $10K (Rs 7.43 Lacs) cash bonus.
“I’m spinning a globe because to celebrate this moment I have bought each one of you two first-class tickets to anywhere in the world,” she said in the video.
“You know, if you want a trip, you might want to go out to a really nice dinner, you might want to go out to a really nice hotel, so with every one of those two first-class tickets to anywhere in the world, you are each getting $10K. (Rs 7.43 Lacs).
“I really want every employee to celebrate this moment in their own way and create a memory that will last them a lifetime! Cheers to 21 years of magic and many more to come 🥂”.
Celebration with Spanx’s Blackstone deal by giving all employees first class plane tickets and $10,000
According to Fortune.com When she sold a majority stake in Spanx to Blackstone last week, the deal valued the shapewear company at $1.2 billion (Rs 89,31.73 Cr) and made the founder a billionaire once more.
who will retain an undisclosed stake in Spanx and become its executive chair, famously bootstrapped the shapewear company for $5,000 (Rs 3.71 Lacs) conceiving of its trademark compression shorts. Since founding the company in 2000, she’d declined outside investment until last week’s Blackstone deal.
This self-made billionaire failed the LSAT twice, —here’s how she got there
In 2012, Spanx founder She was listed by Forbes as the youngest self-made female billionaire. Today, at 50 as of 2021 she is worth a whopping $ 1.2 billion (Rs 89,31.73 Cr).
For as long as she could remember, she wanted to follow in her father’s footsteps and become a trial attorney. She debated in high school and continued in college, where she also majored in legal communications.
Eventually, when the time came for Sara to take the LSAT, she bombed it.
Working at ‘The Happiest Place on Earth’
“In my mind, the universe was now telling me to drive to Disney World and audition for the role of Goofy,” she said. “That’s literally how I responded to my defeat.
Seven years of fax machines
Still, without much direction, she got a job at a local company selling fax machines door-to-door. “On my first day, they handed me a phone book and said, ‘Here are your four zip codes.
She would wake up early and drive around cold-calling from 8 a.m. to 5 p.m. “Most doors were slammed in my face.
She recalled. “I knew I was good at selling and that I eventually wanted to be self-employed. I thought, “Instead of fax machines, I’d love to sell something that I created and actually care about.”
And with that, came the birth of Spanx, a unique type of body shapewear: Thin, comfortable and invisible under clothes. Little did she know it would end up becoming a multimillion-dollar company.
She credits much of her success to her father, who encouraged his kids to fail.
“We’d sit around the dinner table and he’d ask, ‘What did you guys fail at this week?’ If we had nothing to tell him, he’d be disappointed,” she said. “He knew that many people become paralyzed by the fear of failure.
Social Media Presence
This American billionaire businesswoman and philanthropist has 680k followers on Instagram & 621 followers on Twitter as of November 2021.
FAQ
Q.Who is Sara Blakely’s husband?
Ans:- In 2008, she married Jesse Itzler, the co-founder of Marquis Jet, at the Gasparilla Inn and Club in Boca Grande, Florida, U.S.
Q.What is Sara Blakely famous for?
Ans:- She is an American inventor and entrepreneur who created Spanx, a brand of body-slimming women’s undergarments, and in 2012 became the world’s youngest female self-made billionaire.
Q.What age did Sara Blakely get married?
Ans:- In 2008, she married Jesse Itzler at the age of 37 years old.
Q.Who invented Spanx shapewear?
Ans:- She is the founder and owner of the shapewear brand Spanx, which sells undergarments, leggings, swimwear and maternity wear.
Q.What age did Sara Blakely become a billionaire?
Ans:- At age 41, she became the youngest self-made woman to join Forbes’ World’s Billionaires list in 2012.
Q.Does Sarah Blakely have twins?
Ans:- In June 2014, she gave birth to twin boys, Charlie and Lincoln
Q.When was Spanx founded?
Ans:- It was founded in 1998, Atlanta, Georgia, United States.
Q.Where is Spanx headquarters?
Ans:- Atlanta, Georgia, United States.
Q.Does Sara Blakely own all Spanx?
Ans:- In 2017, Spanx had estimated sales of $400 million (Rs 29,73.80 Cr) Blakely owns 100% of the private company and has never taken outside investment.
