In 2000, Sara Blakely was working as a door-to-door fax machine salesperson when she decided to start her own business with $5,000 from her savings.
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she → work → savings
Her idea was to develop a new type of women's undergarment that would offer greater comfort and support.
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that → develop → comfort
However, she had no formal business training, had never attended a business class and had no outside investors.
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she → have → investors
Nonetheless, she went on to establish Spanx, a company that would eventually become a major name in women's clothing.
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that → go → clothing
Twenty-one years later, in October 2021, global investment firm Blackstone announced an agreement to acquire a majority stake in the company at a valuation of $1.2 billion.
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Blackstone → announce → billion
The deal marked a major change for a business that Blakely had built without raising outside investment.
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Blakely → mark → investment
According to Blackstone, Blakely would retain a significant ownership stake and continue working with the company's existing management team.
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Blakely → accord → team
She would also become Executive Chairwoman of Spanx.
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She → become → Spanx
Alongside Blackstone, several prominent women, including Oprah Winfrey, Reese Witherspoon and Whitney Wolfe Herd, joined as investors.
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women → include → investors
Their involvement brought together businesswomen who had previously supported the company or established successful companies of their own.
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who → bring → own
How Sara Blakely started with $5,000
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Blakely → start → 5,000
Blakely's journey began while she was still selling fax machines door to door.
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she → begin → door
She wanted to enter the women's shapewear and undergarment market, an industry that was male-dominated at the time.
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that → want → time
Despite having no formal business education, she worked on developing her first product from her apartment.
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she → have → apartment
She also wrote her own patent application for the undergarment she had invented.
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she → write → undergarment
The company initially focused on shapewear, a category of clothing designed to provide support and create a smoother appearance under other garments.
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company → focus → garments
Over time, it expanded beyond original undergarments into several other clothing categories.
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it → expand → categories
Its product range eventually included leggings, denim, trousers, activewear, swimwear and intimate apparel.
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range → include → leggings
The company also introduced collections such as Perfect Pants, extending its business into everyday clothing.
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company → introduce → clothing
Blakely was also included in TIME magazine's list of the world's 100 most influential people and appeared on the cover of Forbes as the youngest self-made female billionaire.
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Blakely → include → billionaire
Blackstone's major investment
On October 20, 2021, Blackstone announced that funds managed by the investment firm had agreed to acquire a majority stake in Spanx.
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funds → announce → Spanx
The agreement valued the entire company at $1.2 billion.
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agreement → value → billion
Blakely welcomed the agreement while reflecting on how the company had started.
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company → welcome → agreement
“This is a really important moment in time for female entrepreneurs,” she had said.
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she → say → entrepreneurs
“I started this company with no business experience and very little money, but I cared the most about the customer, and that gave me the courage to launch the company.”
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that → start → company
Oprah Winfrey and Reese Witherspoon join
The transaction was formally completed on November 18, 2021, when Spanx and Blackstone announced the participation of several additional investors.
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Spanx → join → investors
Two female-founded investment firms, G9 Ventures and Able Partners, also participated.
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firms → found → ?
Winfrey had played a role in bringing the company to public attention during its early years.
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Winfrey → play → years
In 2000, she included the product in her well-known Favorite Thingsselection.
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she → include → Thingsselection
Recalling her first experience with the product, Winfrey said, “When Sara first came on The Oprah Show to tell us about her idea for Spanx, I knew it was brilliant.”
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it → recall → Spanx
She added that the company had become a regular part of her wardrobe and expressed support for the company's continued development.
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company → add → development
Blakely also described the participation of Winfrey and Witherspoon as particularly meaningful because both had supported the brand for years.
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both → describe → years
What changed for Spanx after investment?
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What → change → investment
Under the agreement, Blakely retained a significant equity stake in Spanx and became its Executive Chairwoman.
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Blakely → retain → Spanx
The existing senior management team also remained involved in overseeing daily operations.
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team → exist → operations
Blackstone and Spanx announced plans to establish an all-female board of directors.
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Blackstone → announce → directors
The Blackstone investment team responsible for the transaction was also made up entirely of women.
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team → make → women
Ann Chung, Global Head of Consumer for Blackstone Growth, said the investment would support product development, international expansion and the company's digital transformation.
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investment → say → development
The transaction also formed part of Blackstone's investments in female-founded businesses, which included Bumble, Hello Sunshine and Hotwire Communications.
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which → form → Bumble
Beyond her business career, Blakely had also committed to philanthropy.
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Blakely → commit → philanthropy
…and 2 more, not listed.
The Aporia
