Sara Blakely

Sara Treleaven Blakely (born February 27, 1971) is an American entrepreneur, businesswoman, and philanthropist who founded Spanx, the shapewear and apparel company. In 2012, she became the youngest self-made female billionaire in the world and was featured on the cover of Forbes magazine. She is also the first female billionaire to sign the Giving Pledge, committing to donate the majority of her wealth to charitable causes.

Blakely founded Spanx in 2000 with $5,000 in personal savings after spending two years developing her idea for footless pantyhose while working as a door-to-door fax machine salesperson. She wrote her own patent, designed the product herself, and built the company without taking outside investment for over two decades. In 2021, she sold a majority stake to Blackstone at a valuation of $1.2 billion, retaining a significant ownership position and becoming executive chairwoman.

Early life and education

Sara Treleaven Blakely was born on February 27, 1971, in Clearwater, Florida, to John Blakely, a personal injury attorney, and Ellen Ford, an artist. She has one sibling, a brother named Ford Blakely who became an artist.

Blakely's father encouraged an unconventional approach to failure. He regularly asked her at dinner, "What did you fail at this week?" rather than focusing solely on achievements. This practice helped her develop resilience and a willingness to take risks that would prove essential to her entrepreneurial career.

At age seven, Blakely launched her first business venture, making and selling "charm socks" to friends at school. During her teenage years, she ran an unofficial children's club at the Clearwater Hilton until management discovered the unsanctioned operation and escorted her out.

Blakely attended Clearwater High School before enrolling at Florida State University, where she earned a bachelor's degree in communications in 1993 and was a member of Delta Delta Delta sorority. She initially planned to follow her father into law, but after scoring poorly on the LSAT multiple times, she reconsidered her career path.

Early career

After graduating from college, Blakely worked briefly at Walt Disney World in Orlando before becoming a salesperson at Danka, an office supply company that sold fax machines door-to-door. She eventually became a national sales trainer for the company.

The position required her to wear pantyhose in Florida's hot climate, which she found uncomfortable. She disliked how the seamed foot looked in open-toed shoes but appreciated how the control-top portion eliminated panty lines and created a smoother silhouette.

Founding Spanx

The invention

In 1998, while preparing for a party, Blakely cut the feet off a pair of pantyhose to wear under white pants, seeking a smooth look without visible panty lines. The makeshift solution kept rolling up her legs, but the concept inspired her to develop a better product.

At 27, Blakely relocated to Atlanta and spent the next two years researching and developing her hosiery idea while continuing to work full-time at Danka. She used $5,000 from her personal savings - her entire savings - to fund the venture.

Unable to afford professional help, Blakely taught herself the basics at the Georgia Tech library. She researched fabrics, studied existing patents, and designed the prototype herself. She wrote her own patent application, saving thousands in legal fees.

Finding a manufacturer

Blakely cold-called hosiery mills in North Carolina, facing rejection after rejection. Male mill owners couldn't understand why the product was needed. Finally, a mill owner whose daughters convinced him the idea had merit agreed to manufacture her design.

Launching the brand

Blakely chose the name "Spanx" after research showed that consumers responded positively to made-up words and that the "k" sound was associated with success in branding. She purchased the trademark for $150 using her credit card.

To get into retail, Blakely cold-called Neiman Marcus and secured a meeting with a buyer. When she sensed her pitch wasn't resonating, she made a bold decision - she invited the buyer to the bathroom and modeled the product herself, showing the difference in how her white pants looked with and without Spanx. Neiman Marcus agreed to stock the product in seven stores. Bloomingdale's, Saks Fifth Avenue, and Bergdorf Goodman soon followed.

Oprah endorsement

In November 2000, Oprah Winfrey named Spanx one of her "Favorite Things" on her television program. The endorsement catapulted the brand to national prominence and generated so many orders that Blakely quit her job at Danka.

Spanx achieved $4 million in sales in its first year and $10 million in its second year. Remarkably, the company reached its $1 billion valuation in 2012 without spending any money on traditional advertising.

Growth and expansion

Over two decades, Blakely expanded Spanx beyond the original footless pantyhose to include a full range of shapewear, activewear, bras, and apparel. She maintained 100% ownership of the company, unusual for a business of its size.

In 2001, Blakely signed a deal with QVC, the home shopping network, which became an important sales channel.

Blackstone acquisition

On October 20, 2021, Blackstone announced it would acquire a majority stake in Spanx at a valuation of $1.2 billion. The deal was notable for being negotiated entirely by women - the Blackstone team was led by Managing Director Ann Chung, and the lawyers and bankers were also female.

As part of the transaction, Spanx established an all-female board of directors, with Blakely becoming executive chairwoman. Celebrity investors including Oprah Winfrey, Reese Witherspoon, and Whitney Wolfe Herd also took minority stakes.

Blakely retained a significant equity position in the company and continued to oversee daily operations alongside the existing senior management team.

Employee celebration

To celebrate the Blackstone deal, Blakely threw a party for Spanx employees and surprised each of them with two first-class plane tickets to anywhere in the world and $10,000 in spending money. The gesture reflected her philosophy of sharing success with the team that helped build the company.

Business philosophy

Blakely has attributed much of her success to her willingness to embrace failure and rejection. She often tells the story of being rejected by numerous hosiery mills and facing skepticism from almost everyone she pitched.

Key principles she has emphasized include:

• Bootstrapping - Building without outside investment to maintain control
• Learning by doing - Writing her own patent and designing her own product
• Authentic marketing - Using personal demonstrations rather than expensive advertising
• Persistence - Continuing despite repeated rejection
• Treating employees well - Sharing success with the team

Philanthropy

The Giving Pledge

In 2013, Blakely became the first self-made female billionaire to sign the Giving Pledge, the commitment by the world's wealthiest individuals to donate the majority of their wealth to charitable causes. The pledge was created by Bill Gates and Warren Buffett.

In her pledge letter, Blakely wrote that she is "committed to the belief that we would all be in a much better place if half the human race (women) were empowered to prosper, invent, be educated, start their own businesses, run for office - essentially be given the chance to soar!"

Sara Blakely Foundation

Founded in 2006, the Spanx by Sara Blakely Foundation has donated millions to charities worldwide, with a focus on empowering underserved women and girls. The foundation's programs include:

• Red Backpack Fund - In partnership with GlobalGiving, provides $5,000 grants to female entrepreneurs impacted by the COVID-19 pandemic
• Employee philanthropy board - A rotating group of Spanx employees who allocate a portion of company profits to charities they research and select

Atlanta Hawks ownership

In 2015, Blakely and her husband Jesse Itzler were part of an investor group led by Tony Ressler that purchased the Atlanta Hawks NBA franchise for $850 million from Bruce Levenson. Other investors included Grant Hill, Steven Price, and Rick Schnall.

Personal life

Blakely met her husband, entrepreneur Jesse Itzler, at a Net Jet Poker Tournament. They dated for a year before marrying in 2008 in Boca Grande, Florida. Blakely converted to Judaism before their marriage.

The couple has four children:

• Lazer Blake Itzler (born 2009)
• Twins Charlie and Lincoln Itzler (born 2014)
• Tepper Itzler (born 2016)

The family resides in Atlanta, Georgia.

Jesse Itzler

Jesse Itzler (born August 22, 1968) is an entrepreneur and author who co-founded Marquis Jet, a private jet card company. He is also a co-founder of Zico Coconut Water, which was later acquired by Coca-Cola. Earlier in his career, he performed as a rapper under the stage name Jesse Jaymes, scoring a Billboard hit. He has written several bestselling books, including Living with a SEAL and Living with the Monks.

Recognition

• 2012 - Named one of Time magazine's "100 Most Influential People in the World"
• 2012 - Featured on the cover of Forbes as the youngest self-made female billionaire
• 2012 - Named Ernst & Young Entrepreneur of the Year
• 2013 - First female billionaire to sign the Giving Pledge
• 2014 - Named to Forbes' list of America's Richest Self-Made Women

See also

• Spanx
• Shapewear
• The Giving Pledge
• Jesse Itzler

External links

• Spanx official website
• Sara Blakely Foundation
• Sara Blakely on The Giving Pledge