Investment giant Blackstone is buying a majority stake in apparel brand Spanx at a $1.2 billion valuation.
Founded in 2000, Spanx stands apart from many longstanding activewear makers through its digital presence: Two-thirds of the company’s sales are through its website. Blackstone believes that there is strong potential for sales growth through ramped-up marketing.
With $119 billion in corporate private equity assets under management and $35 billion in available capital, Blackstone has been active in sports, apparel, and gaming.
- The company is pulling in a $4.1 billion profit off the September sale of Las Vegas casino and resort The Cosmopolitan in a $5.6 billion deal. MGM Resorts is buying the property’s operations for $1.63 billion.
- In July, Blackstone bought a majority stake in Certified Collectibles Group at a valuation north of $500 million.
- Blackstone considered investing in Serie A last year and was turned down in May on a $6.5 billion bid for Crown Resorts.
- In April, it joined an $80 million funding round for startup basketball league and media company Overtime.
Spanx founder Sara Blakely will continue to run the company and become executive chairman of an all-female board of directors.
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