Spanx, Inc.
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Spanx, LLC is a
United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...
shapewear company, founded by
Sara Blakely Sara Treleaven Blakely (born February 27, 1971) is an American businesswoman and philanthropist. She founded Spanx, an intimate apparel company with pants and leggings, in Atlanta, Georgia. In 2012, Blakely was named in ''Time'' magazine's "Time ...
in
Atlanta, Georgia Atlanta ( ) is the List of capitals in the United States, capital and List of municipalities in Georgia (U.S. state), most populous city in the U.S. state of Georgia (U.S. state), Georgia. It is the county seat, seat of Fulton County, Georg ...
in 2000. The company offers innerwear and
outerwear Outerwear is clothing and accessories worn outdoors, or clothing designed to be worn as protective layers outside other garments, as opposed to underwear. It can be worn for formal or casual occasions, or as warm clothing during winter. List of ou ...
, including
activewear Sportswear or activewear is athletic clothing, including footwear, worn for sports activity or physical exercise. Sport-specific clothing is worn for most sports and physical exercise, for practical, comfort or safety reasons. Typical spor ...
,
apparel Clothing (also known as clothes, garments, dress, apparel, or attire) is any item worn on a human human body, body. Typically, clothing is made of fabrics or textiles, but over time it has included garments made from animal skin and other thin s ...
,
denim Denim is a sturdy cotton warp-faced textile in which the weft passes under two or more Warp (weaving), warp threads. This twill weave produces a diagonal ribbing that distinguishes it from cotton duck. Denim, as it is recognized today, was f ...
, shapewear,
swimwear A swimsuit is an item of clothing designed to be worn by people engaging in a water-based activity or water sports, such as swimming, diving and surfing, or sun-orientated activities, such as sun bathing. Different types and styles may be worn ...
, intimates,
leggings Leggings are several types of leg attire that have varied through the years. Modern usage from the 1960s onwards has come to refer to elastic close-fitting High-rise (fashion), high-rise garments worn over the legs typically by women, such as leg ...
, and
hosiery Hosiery, (, ) also referred to as legwear, describes garments worn directly on the foot, feet and human leg, legs. The term originated as the collective term for products of which a maker or seller is termed a hosier; and those products are also ...
. As of 2021, the company was valued at $1.2 billion and its products are sold in over 50 countries.


History


Founding

Sara Blakely created Spanx in 2000 as a solution to the discomfort she experienced wearing
pantyhose Pantyhose, sometimes also called sheer (textile), sheer tights, are close-fitting legwear covering the wearer's body from the waist to the toes. Pantyhose first appeared on store shelves in 1959 for the advertisement of new design panties (All ...
in hot weather and disliking the seamed foot that stuck out of an open-toe shoe. After graduating from
Florida State University Florida State University (FSU or Florida State) is a Public university, public research university in Tallahassee, Florida, United States. It is a senior member of the State University System of Florida and a preeminent university in the s ...
(FSU) in 1993, Blakely first worked at
Walt Disney World Resort The Walt Disney World Resort is an entertainment resort complex located about southwest of Orlando, Florida, United States. Opened on October 1, 1971, the resort is operated by Disney Experiences, a division of the Walt Disney Company. ...
, followed by Danka, an
office supply Office supplies are consumables and equipment regularly used in offices by businesses and other organizations, required to sustain office operations. For example, office supplies may be used by individuals engaged in written communications, rec ...
company, where she sold
fax machines Fax (short for facsimile), sometimes called telecopying or telefax (short for telefacsimile), is the telephone, telephonic transmission of scanned printed material (both text and images), normally to a telephone number connected to a printer or ...
door to door. She cut the feet off her control-top pantyhose to achieve a “smooth look” under white pants but did not like that the pantyhose rolled up her leg. Blakely moved to
Atlanta Atlanta ( ) is the List of capitals in the United States, capital and List of municipalities in Georgia (U.S. state), most populous city in the U.S. state of Georgia (U.S. state), Georgia. It is the county seat, seat of Fulton County, Georg ...
, where she continued working for Danka from 9-5, set aside her $5,000 in savings, and spent two years creating her product. Blakely explained that she chose the name “Spanks” because of the “k” sound in the internationally recognized “
Coca-Cola Coca-Cola, or Coke, is a cola soft drink manufactured by the Coca-Cola Company. In 2013, Coke products were sold in over 200 countries and territories worldwide, with consumers drinking more than 1.8 billion company beverage servings ...
” and “
Kodak The Eastman Kodak Company, referred to simply as Kodak (), is an American public company that produces various products related to its historic basis in film photography. The company is headquartered in Rochester, New York, and is incorporated i ...
.” She changed the spelling to “Spanx” at the last minute after reading that made-up names sold better. After several hosiery factories turned down her product, Blakely brought her idea to
Neiman Marcus Neiman Marcus is an American department store chain founded in 1907 in Dallas, Texas by Herbert Marcus, his sister Carrie Marcus Neiman, and her husband Abraham Lincoln Neiman. It has been owned by Saks Global, a Corporate spin-off, spin-o ...
, where she convinced the buying rep by modeling her white pants with and without Spanx. She then brought the product to Bloomingdale’s,
Saks Fifth Avenue Saks Fifth Avenue (Colloquialism, colloquially Saks) is an American Luxury goods, luxury department store chain founded in 1867 by Andrew Saks. The first store opened in the F Street and 7th Street shopping districts, F Street shopping distric ...
and
Bergdorf Goodman Bergdorf Goodman Inc. is an American luxury department store based in New York City, founded in 1899 by Herman Bergdorf. , it operates a women's store and a men's store across the street from each other on Fifth Avenue in Midtown Manhattan. ...
. Once the Spanx brand was created, Blakely sent several of her products to
The Oprah Winfrey Show ''The Oprah Winfrey Show'' is an American first-run syndicated talk show that was hosted by Oprah Winfrey. The show ran for twenty-five seasons from September 8, 1986, to May 25, 2011, in which it broadcast 4,561 episodes. The show was taped i ...
. In November 2000, the brand was featured in
Oprah's Favorite Things "Oprah's Favorite Things" was an annual segment that appeared on ''The Oprah Winfrey Show'' from the 1990s to 2008 and 2010, as well as on ''Rachael Ray'' in 2017. In the segment, which airs during Thanksgiving week and was inspired by the holiday ...
. In 2001, Blakely arranged with QVC to feature her product. In 2011, Spanx reported revenue of just under $250 million, and Forbes rated Blakely as the youngest self-made female billionaire. Spanx opened its first
brick and mortar Brick and mortar (or B&M) is an organization or business with a physical presence in a building or other structure. The term ''brick-and-mortar business'' is often used to refer to a company that possesses or leases retail shops, factory produc ...
store in 2012. In 2013,
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,
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and
Jennifer Garner Jennifer Anne Garner (born April 17, 1972) is an American actress. Born in Houston, Texas and raised in Charleston, West Virginia, Garner studied theater at Denison University and began acting as an understudy for the Roundabout Theatre Company ...
wore Spanx to the
Oscars The Academy Awards, commonly known as the Oscars, are awards for artistic and technical merit in film. They are presented annually by the Academy of Motion Picture Arts and Sciences (AMPAS) in the United States in recognition of excellence i ...
.
Gwyneth Paltrow Gwyneth Kate Paltrow ( ; born September 27, 1972) is an American actress and businesswoman. The daughter of filmmaker Bruce Paltrow and actress Blythe Danner, she established herself as a leading lady appearing in mainly mid-budget and perio ...
also wears the brand. In 2021, the asset manager firm Blackstone bought a
majority stake A controlling interest is an ownership interest in a corporation with enough voting stock shares to prevail in any stockholders' motion. A majority of voting shares (over 50%) is always a controlling interest. When a party holds less than the maj ...
in Spanx, valuing the company at $1.2 billion. An all-female investment team from Blackstone prepared the deal, and it was announced that the
Board of Directors A board of directors is a governing body that supervises the activities of a business, a nonprofit organization, or a government agency. The powers, duties, and responsibilities of a board of directors are determined by government regulatio ...
would be all-female, with Blakely serving as
executive chairman The chair, also chairman, chairwoman, or chairperson, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the gro ...
. At the same time, Oprah Winfrey,
Reese Witherspoon Laura Jeanne Reese Witherspoon (born March 22, 1976) is an American actress and producer. She is the recipient of List of awards and nominations received by Reese Witherspoon, various accolades, including an Academy Award, a Primetime Emmy Aw ...
, and
Whitney Wolfe Herd Whitney Wolfe Herd (born July 1, 1989) is an American entrepreneur. She is the founder, executive chair, and former CEO of publicly traded Bumble, an online dating platform, launched in 2014. She is a co-founder of Tinder and was previously its ...
also invested in Spanx.


Launch

In 2000, Blakely launched the Spanx brand from her apartment, undertaking all initial calls and marketing herself. Her boyfriend at the time, a healthcare consultant, later resigned from his job and joined Blakely in the running of the nascent business. Blakely previously conducted a meeting with a representative of the
Neiman Marcus Group Neiman Marcus Group was an American holding company of department stores. It was established after holding company Carter Hawley Hale spun-off several of the department store chains it owned in 1987. At the time of its two-fold acquisition by ...
, at which she changed into the product in the ladies restroom in the presence of the Neiman Marcus buyer to prove the benefits of her innovation. Blakely's product was sold in seven Neiman Marcus stores as a result of the meeting;
Bloomingdales Bloomingdale's Inc. is an American luxury department store chain founded in 1861 by Joseph Bloomingdale and Lyman Bloomingdale. It was acquired by Federated Department Stores in 1930, which purchased the Macy's department store chain in 1994, ...
, Saks, and
Bergdorf Goodman Bergdorf Goodman Inc. is an American luxury department store based in New York City, founded in 1899 by Herman Bergdorf. , it operates a women's store and a men's store across the street from each other on Fifth Avenue in Midtown Manhattan. ...
soon followed.Forbes: "How Sara Blakely of Spanx Turned $5,000 into $1 billion" by Clare O'Connor
March 14, 2012


2000 onwards

Following the establishment of the company, Blakely's then-boyfriend eventually became Spanx's
chief operating officer A chief operating officer (COO), also called chief operations officer, is an executive in charge of the daily operations of an organization (i.e. personnel, resources, and logistics). COOs are usually second-in-command immediately after the C ...
(COO) and met Laurie Ann Goldman at the
Saks Fifth Avenue Saks Fifth Avenue (Colloquialism, colloquially Saks) is an American Luxury goods, luxury department store chain founded in 1867 by Andrew Saks. The first store opened in the F Street and 7th Street shopping districts, F Street shopping distric ...
in Atlanta in 2001, while she was on maternity leave from her employer at the time, Coca-Cola. Goldman was specifically looking for a Spanx product, and the pair exchanged contact details—Goldman became the
CEO A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...
of Spanx in 2002. Writing for ''
Fortune Fortune may refer to: General * Fortuna or Fortune, the Roman goddess of luck * Luck * Wealth * Fate * Fortune, a prediction made in fortune-telling * Fortune, in a fortune cookie Arts and entertainment Film and television * ''The Fortune'' (19 ...
'' magazine in February 2014, Colleen Leahey identified Goldman as a key aspect of the company's successful growth:
Goldman crafted a business model for the company based on lessons she learned during her 10-year stint at Coke: thinking big, starting small, and scaling fast. She advised her team at SPANX to focus on product quality over profit margins. “Every time somebody puts on a SPANX product, one of two things can happen: Our brand can get stronger, or our brand can get weaker. We gain leverage or we lose leverage.”
In the first half of 2014, Blakely worked on building the company's first standalone retail stores in shopping malls along the East Coast of the U.S., and also introduced denim to an expanding Spanx product line for the "Fall" range in March. Goldman resigned from the company in February 2014, after over 10 years at the head of the Spanx. Gregg Ribatt, who had previously worked as an executive for Bennett Footwear, Stuart Weitzman Holdings and Collective Brands' Performance & Lifestyle Group, was appointed as interim
chief executive officer A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...
. Ribatt's appointment generated discussions about a potential footwear expansion by Spanx according to a statement Blakely made in October 2013 explaining her ambition to design the world's most comfortable high-heel shoe prior to retirement. In Blakely's June 2014 ''
Forbes ''Forbes'' () is an American business magazine founded by B. C. Forbes in 1917. It has been owned by the Hong Kong–based investment group Integrated Whale Media Investments since 2014. Its chairman and editor-in-chief is Steve Forbes. The co ...
'' profile, the publication claims that the company generates "over $250 million in annual revenues and net profit margins estimated at 20%", while Blakely is very strongly committed to maintaining the private status of Spanx. However, speculation arose about a possible
IPO An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...
following Goldman's resignation. In July 2014, Jan Singer, formerly of
Nike Nike often refers to: * Nike, Inc., a major American producer of athletic shoes, apparel, and sports equipment * Nike (mythology), a Greek goddess who personifies victory Nike may also refer to: People * Nike (name), a surname and feminine giv ...
, joined Spanx as CEO. It was announced on October 20, 2021, that Blakely had sold a majority stake in the business to Blackstone. The company was valued at $1.2 billion. The deal was prepared by an all-female investment team from Blackstone, and it was announced that the
Board of Directors A board of directors is a governing body that supervises the activities of a business, a nonprofit organization, or a government agency. The powers, duties, and responsibilities of a board of directors are determined by government regulatio ...
would be all-female, including Blakely as the Executive Chairwoman.


Products

Spanx has a range of sizes, from XS-3X. The company has expanded from shapewear, intimates and hosiery to apparel, activewear, loungewear, and denim. Their core collections include SPANXshape Booty Boost, SPANX Air Essentials, SPANXsculpt Seamless Power, SPANXsculpt OnCore, and SPANXshape EveryWear SPANXsmooth PerfectFit.


Corporate affairs


Ownership

Spanx is a private company and has not released financial information. Forbes estimates its value at $540 million in 2021. In 2002, Laurie Ann Goldman, formerly at
Coca-Cola Coca-Cola, or Coke, is a cola soft drink manufactured by the Coca-Cola Company. In 2013, Coke products were sold in over 200 countries and territories worldwide, with consumers drinking more than 1.8 billion company beverage servings ...
, was appointed
CEO A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...
of Spanx. She stepped down in 2014 and was replaced by Jan Singer,
Nike Nike often refers to: * Nike, Inc., a major American producer of athletic shoes, apparel, and sports equipment * Nike (mythology), a Greek goddess who personifies victory Nike may also refer to: People * Nike (name), a surname and feminine giv ...
’s head of apparel. In 2024, Caroline (Cricket) Whitton was appointed as CEO and Jeanne Jackson as executive chair of the board. To celebrate the company's $1.2 billion deal with Blackstone, employees received two first-class plane tickets and $10,000 each.


References


External links

* {{Authority control Clothing companies of the United States Clothing manufacturers Hosiery brands Lingerie brands Manufacturing companies based in Atlanta American companies established in 2000 Clothing companies established in 2000 2000 establishments in Georgia (U.S. state) Blackstone Inc. companies