Oprah Winfrey, Reese Witherspoon and the Bumble founder Whitney Wolfe Herd are becoming a member of Blackstone in investing in Spanx, the DealBook newsletter was first to report. Blackstone closed its deal to accumulate a majority stake in shapewear model that values it at $1.2 billion on Thursday.
Based greater than 20 years in the past, Spanx has turn into synonymous with the inspiration clothes it sells. Ms. Winfrey helped put the brand on the map in its early days when in 2000 she named Spanx her favorite product of the year. (Sara Blakely, Spanx’s founder, stated that Ms. Winfrey had earlier validated her enterprise thought when the discuss present host instructed the viewers someday that she cut the feet off her pantyhose.)
“I’m glad to be a part of the evolution,” Ms. Winfrey stated concerning the model in an announcement.
It’s the most recent funding deal for Ms. Winfrey and Ms. Witherspoon, whose monetary backing is valued as a stamp of approval for shopper manufacturers. The TV and movie stars are additionally acquainted companions for Blackstone. Ms. Winfrey invested alongside Blackstone in Oatly, the oat milk model that went public earlier this 12 months. Blackstone additionally recently acquired Ms. Witherspoon’s Hiya Sunshine manufacturing studio, including her to the board of its father or mother media firm. Wolfe Herd’s Bumble, a courting app, was acquired by Blackstone in 2019 earlier than going public earlier this 12 months.
Ms. Winfrey, Ms. Witherspoon and Ms. Wolfe Herd are investing in Spanx immediately, exterior of any Blackstone fund. They have been additionally joined by the funding funds G9 Ventures and In a position Companions.
Blackstone and Spanx had beforehand stated that they supposed to create a board comprising solely girls. Ms. Blakely, who put the corporate up on the market earlier this year with out ever having taken on exterior funding, is holding a big fairness stake within the enterprise.
“Along with creating a exceptional product and enterprise that actually helps girls every single day, Sara has turn into a task mannequin for leveraging your success to raise different girls,” Ms. Witherspoon stated in an announcement.