Spanx

Spanx, LLC

Company type	Private
Industry	Apparel, shapewear, lingerie, hosiery
Founded	January 1, 2000 (2000-01-01) in Atlanta, Georgia, United States
Founder	Sara Blakely
Headquarters	Atlanta , United States
Key people	Sara Blakely (Founder and Executive Chairwoman), Caroline (Cricket) Whitton (CEO), Jeanne Jackson (Executive Chair of the Board)
Products	Shapewear, lingerie, hosiery, activewear, denim, loungewear
Owner	Blackstone (majority stake since 2021), Sara Blakely and other investors including Oprah Winfrey, Reese Witherspoon, Whitney Wolfe Herd
Website	spanx.com

Spanx, LLC is a shapewear enterprise based in the United States, established by Sara Blakely in 2000 in Atlanta, Georgia. The company’s portfolio encompasses a wide array of products such as shapewear, lingerie, hosiery, activewear, denim, and loungewear. By 2021, Spanx had achieved a valuation of $1.2 billion and distributed its merchandise across more than 50 countries.

Origins

Sara Blakely founded Spanx in 2000 with the goal of improving the comfort issues associated with conventional pantyhose. After graduating from Florida State University, she gained work experience at Walt Disney World Resort and later engaged in door-to-door fax machine sales. Utilizing her personal savings of $5,000, she dedicated two years to developing her product. The brand name “Spanx” was chosen to incorporate the familiar “k” sound found in well-known brands like Coca-Cola and Kodak, based on the belief that invented names tend to perform better commercially. Despite initial refusals from several hosiery manufacturers, Blakely personally secured retail agreements with prestigious stores including Neiman Marcus, Bloomingdale’s, Saks Fifth Avenue, and Bergdorf Goodman by showcasing the product’s advantages directly.

Spanx received considerable attention after being highlighted on The Oprah Winfrey Show’s "Oprah's Favorite Things" segment in 2000 and subsequently on QVC in 2001. By 2011, the company’s revenue approached $250 million, earning recognition from Forbes for making Blakely the youngest self-made female billionaire. The first Spanx brick-and-mortar store opened in 2012, and celebrity endorsements from personalities such as Jessica Alba, Adele, Jennifer Garner, and Gwyneth Paltrow significantly enhanced brand prominence.

In 2021, asset management firm Blackstone acquired a controlling interest in Spanx, valuing the company at $1.2 billion. This transaction was led by an all-female investment team and resulted in the formation of an all-female Board of Directors with Blakely appointed as executive chairman. At the same time, notable investors including Oprah Winfrey, Reese Witherspoon, and Whitney Wolfe Herd joined the ownership group, strengthening Spanx’s strategic direction and market position.

Brand Introduction

Spanx was launched by Blakely in 2000 from her apartment, where she managed all initial communications and marketing efforts independently. Her boyfriend at the time, who worked as a healthcare consultant, eventually became involved full-time in the business.

Blakely secured Spanx’s inaugural retail placement by personally demonstrating its benefits during a meeting with a buyer from Neiman Marcus. This success led to sales across seven Neiman Marcus locations and subsequently expanded to Bloomingdale's, Saks Fifth Avenue, and Bergdorf Goodman.

Developments Since 2000

Blakely’s boyfriend assumed the role of chief operating officer (COO) at Spanx and established connections with Laurie Ann Goldman at Saks Fifth Avenue in 2001. Goldman, then on maternity leave from Coca-Cola and seeking Spanx products herself, was appointed CEO of Spanx in 2002.

Goldman leveraged her ten years of experience at Coca-Cola to develop a scalable business strategy that prioritized product excellence over profit margins, thereby enhancing brand strength.

In early 2014, Spanx broadened its retail footprint by opening standalone stores along the U.S. East Coast and introduced denim to its product lineup. Goldman stepped down as CEO in February 2014 after more than ten years; Gregg Ribatt took over as interim CEO amid speculation about potential expansion into footwear aligned with Blakely’s vision.

By mid-2014, Spanx was estimated to generate annual revenues exceeding $250 million with net profit margins around 20%. Despite rumors about an initial public offering following Goldman’s exit, Blakely remained dedicated to maintaining private ownership.

Jan Singer, formerly affiliated with Nike, was named CEO in July 2014.

On October 20, 2021, Blakely sold a majority stake in Spanx to Blackstone in a deal that valued the company at $1.2 billion. This agreement was led by an all-female investment team from Blackstone and resulted in an all-female Board of Directors with Blakely serving as Executive Chairwoman.

Products

Spanx provides a range of sizes from XS to 3X and has broadened its offerings beyond shapewear, intimates, and hosiery to include apparel, activewear, loungewear, and denim collections. Prominent product categories feature SPANXshape Booty Boost, SPANX Air Essentials, SPANXsculpt Seamless Power, SPANXsculpt OnCore, and SPANXshape EveryWear SPANXsmooth PerfectFit.

Ownership

Spanx operates as a privately held business without publicly available financial reports. In 2021, Forbes appraised the company’s worth at approximately $540 million.

The company’s leadership has transitioned over time; Laurie Ann Goldman, who previously worked at Coca-Cola, led as CEO from 2002 until 2014. She was followed by Jan Singer, formerly responsible for apparel at Nike. In 2024, Caroline (Cricket) Whitton took over as CEO while Jeanne Jackson was appointed executive chair of the board.

After completing its $1.2 billion transaction with Blackstone, Spanx rewarded its employees with two first-class airline tickets along with a $10,000 bonus each.