Blackstone buys majority stake in Spanx, valuing it at $1.2 bln
Oct 20 (Reuters) – Funding agency Blackstone Inc would purchase a majority stake in Spanx, valuing the shapewear maker at $1.2 billion, the businesses mentioned on Wednesday.
The deal will permit Spanx to additional broaden globally and assist it strengthen its on-line enterprise, they added.
Spanx founder and Chief Government Officer Sara Blakely would turn out to be the manager chairwoman of Spanx’s newly appointed all-female board of administrators.
The deal comes months after a report from New York Occasions mentioned Spanx has tapped Goldman Sachs to discover choices together with a sale and drawn curiosity from personal fairness companies like Carlyle.
Rival shapewear label Skims, owned by actuality star Kim Kardashian West, mentioned earlier this 12 months it had raised $154 million in funding, reaching a valuation of $1.6 billion as of April.
Reporting by Deborah Sophia in Bengaluru; Enhancing by Shailesh Kuber
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