The company Spanx is celebrating its success in a big way thanks to the youngest self-made female billionaire and founder Sara Blakely. Before creating Spanx, Blakely worked as a door-to-door fax machine salesperson and became the founder of a company valued at $1.2 billion.
Spanx has humble beginnings but has built success over the years gaining the attention of the global investment firm, Blackstone, buying a majority stake in Spanx driving the value to $1.2 billion. To celebrate this massive achievement for the undergarment company founder Sara Blakely decided to celebrate with a massive surprise for her employees.
Blakely announced that each employee will receive two first-class tickets to any destination in the world with some employees bursting into tears of joy. In addition to the free airline tickets, Blakely also gave each employee $10,000 to spend on their trip, talk about company incentives.
This big gift started with a small stroke of genius by Blakely when she was trying to find a solution trying to find the right undergarments to wear underneath white pants. Blakely took a pair of shears and cut the feet off pantyhose leading to the initial concept prototype that would later develop into Spanx.
Since 1998 Blakely has worked to create the popular undergarments company and by 2000, she found a manufacturer to create her body-shaping undergarments that started Spanx. In the same year of the initial production of Spanx, Blakely secured her first major order with the department store Neiman Marcus.
Spanx was unstoppable in 2000 once the Footless Body-Shaping Pantyhose landed a spot on the coveted “Oprah’s Favorite Things” list and the following year Spanx expanded to offer Control-Top Fishnets. In 2002-2003 Spanx developed a line of shapewear for mothers including Power Panties that was the first legband-free, mid-thigh hosiery shaper and also introduced the All The Way Full-Length Pantyhose. Spanx started to make some famous friends by 2004 including Gwyneth Paltrow who disclosed to USA Today that she wore two pairs of Spanx to slim down after giving birth.
In 2004-2005 Blakely travels the world with British business magnate Richard Branson for the Fox TV show “The Rebel Billionaire” and SPANX, Inc. earns the Advertising Age “Marketing 50” honor. Later Spanx adds intimate apparel to their product line including Hide & Seek and Slim Cognito.
In 2006 Spanx entered the retail space partnering with Target to launch ASSETS by Sara Blakely and Spanx was dubbed the prestigious title of “Oprah-Approved.” Later that year Sir Richard Branson partnered with Blakely once again to throw a party to launch the Sara Blakely Foundation that helps empower women worldwide.
In 2007, Blakely gives back for Oprah’s appreciation of her company with a check for $1 million for the Oprah Winfrey Leadership Academy Foundation in South Africa. By 2008 Spanx launched one of its first bras, Bra-llelujah that becomes the number one selling bra at all retailers.
Spanx turns to the world of fashion in 2009 launching a new initiative called Haute Contour and offering their first product specifically branded for men with the Spanx for Men compression undershirt. Spanx opens their first shop at Bloomingdale’s 59th Street in New York City in 2011 and the following year Blakely is featured on the cover of Forbes Magazine earning the title of the youngest self-made female billionaire.
Shortly after, Spanx opens their first standalone store in 2012 at Tysons Corner in Virginia, and the following year Blakely commits to giving more than half of her wealth to charitable causes. Blakely is featured on the cover of Inc. Magazine in 2014 and Spanx launches their Shaping Denim line.
Blakely was invited to visit the White House in 2014 and First Lady Michelle Obama told her that she wears Spanx with pride, talk about high praise. By 2015 Spanx moved to their new headquarters in Buckhead, Atlanta, and celebrated the 20th anniversary of Spanx in 2020. It just goes to show that it takes a lot of hard work to achieve your dreams, but Blakely is an example of entrepreneurship.
