Oprah Winfrey, Reese Witherspoon and Bumble founder Whitney Wolfe Herd are joining Blackstone in investing in Spanx, the DealBook e-newsletter was very first to report. Blackstone shut its offer to get a the greater part stake in the shapewear brand name that values it at $1.2 billion on Thursday.
Started a lot more than 20 a long time in the past, Spanx has turn out to be synonymous with the basis garments it sells. Winfrey helped put the brand name on the map in its early days when in 2000 she named Spanx her preferred product or service of the year. (Sara Blakely, Spanx’s founder, claimed Winfrey experienced previously validated her enterprise idea when the speak display host told the viewers one working day that she lower the toes off her pantyhose.)
“I’m joyful to be element of the evolution,” Winfrey mentioned about the brand in a statement.
It’s the most up-to-date expense deal for Winfrey and Witherspoon, whose financial backing is valued as a stamp of acceptance for shopper makes. The Tv and film stars are also familiar associates for Blackstone. Winfrey invested together with Blackstone in Oatly, the oat milk brand name, which went community this yr. Blackstone also a short while ago obtained Witherspoon’s Hi Sunshine manufacturing studio, incorporating her to the board of its parent media enterprise. Wolfe Herd’s Bumble, a courting app, was obtained by Blackstone in 2019 ahead of going public this 12 months.
Winfrey, Witherspoon and Wolfe Herd are investing in Spanx straight, outside the house any Blackstone fund. They ended up also joined by the investment cash G9 Ventures and Equipped Companions.
Blackstone and Spanx had earlier mentioned they intended to make a board comprising only women. Blakely, who set the corporation up for sale this 12 months with out ever getting taken on outside expense, is maintaining a important fairness stake in the business.
“In addition to acquiring a impressive merchandise and company that actually supports women each individual day, Sara has grow to be a purpose product for leveraging your achievements to elevate other gals,” Witherspoon mentioned in a assertion.