Sara Blakely Net Worth

What is Sara Blakely’s Net Worth?

Sara Blakely, an American entrepreneur and philanthropist, has a net worth of $1 billion. She is widely recognized as the founder of the immensely successful shapewear brand, Spanx. In October 2021, Sara agreed to sell a majority stake in Spanx to private equity firm Blackstone, with the deal valuing the company at $1.2 billion. Despite the sale, Sara retains a minority stake in the company and continues to oversee its operations. Alongside her entrepreneurial endeavors, Sara and her husband, Jesse Itzler, are active members of The Giving Pledge. They are also minority owners of the NBA’s Atlanta Hawks.

Highlights

– Sara Blakely has a net worth of $1 billion.
– She is the founder of the highly successful shapewear brand, Spanx.
– Sara agreed to sell a majority stake in Spanx to Blackstone in a deal valuing the company at $1.2 billion.
– She continues to own a minority stake in the company and oversees its operations.
– Sara and her husband, Jesse Itzler, are members of The Giving Pledge.
– They are also minority owners of the NBA’s Atlanta Hawks.

Early Life

Sara Treleaven Blakely was born on February 27, 1971, in Clearwater, Florida. Her parents, Ellen and John, have backgrounds in art and law, respectively. Sara’s brother, Ford, is an artist. She completed her high school education at Clearwater High School in 1989 and went on to graduate from Florida State University with a bachelor’s degree in communications in 1993. While at FSU, Sara was a member of the Delta Delta Delta sorority.

Initially, Sara aspired to become a lawyer like her father, but her LSAT scores did not meet the requirements for law school. As an alternative, she briefly worked at Walt Disney World and pursued stand-up comedy in the evenings.

Career

Sara Blakely’s career took a significant turn when she got a job selling fax machines door-to-door for an office supply company after her stint at Disney World. It was during this time that she faced discomfort with traditional pantyhose, particularly in the hot and humid climate of Florida. Blakely appreciated the control top aspect of pantyhose but disliked the seamed toes when wearing open-toed shoes. This inconvenience inspired her to create Spanx.

Blakely moved to Atlanta for work and spent the next two years developing her idea using her $5,000 savings. Despite facing multiple rejections from hosiery manufacturers, she finally found one who understood and embraced her concept. After a year of hard work, the first Spanx prototype was created.

To showcase the benefits of Spanx, Blakely wore a pair during a meeting with a Neiman Marcus buyer. The buyer was impressed and ordered 7,000 pieces for their stores, marking the start of Spanx’s success. Other major retailers, such as Saks, Bergdorf Goodman, and Bloomingdale’s, soon followed suit.

Blakely’s product gained traction through organic word-of-mouth and clever public relations, without any paid advertising. She showed great foresight by initially targeting high-end luxury retailers like Neiman Marcus, knowing that customers in that price range valued brand loyalty over cheaper alternatives. In 2007, partnering with Target allowed Blakely to launch a lower-cost line called Assets by Sara Blakely.

Spanx’s sales skyrocketed after Oprah Winfrey named it one of her “Favorite Things” in 2000. Blakely’s company grew rapidly, with initial sales of $4 million in the first year and $10 million in the second year. She further expanded her reach by signing a contract with QVC in 2001, selling 8,000 pairs of Spanx within the first six minutes.

Personal Life

Blakely married Jesse Itzler, co-founder of Marquis Jet, in 2008. The couple met at a Net Jet Poker Tournament and had been dating for a year before tying the knot. They have four children together.

In 2005, Blakely participated as a contestant on “The Rebel Billionaire,” finishing in second place. Richard Branson presented her with a $750,000 check to start her foundation. This inspired her to establish the Sara Blakely Foundation in 2006, which focuses on empowering women through education and entrepreneurial training.

Blakely joined The Giving Pledge in 2013, demonstrating her commitment to philanthropy. She has also made guest appearances as a judge on ABC’s “Shark Tank.” In 2015, Blakely and her husband were part of a group that purchased the NBA’s Atlanta Hawks for $850 million.

Net Worth Over Time

Sara Blakely’s net worth has steadily grown over the years, thanks to the success of Spanx. In October 2021, she sold a majority stake in the company for a deal valued at $1.2 billion. Prior to the sale, her net worth was already estimated at $1 billion. Despite the transaction, Blakely retains a minority stake in Spanx and continues to contribute to its operations.

Components of Net Worth

The majority of Sara Blakely’s net worth comes from her ownership stake in Spanx. As the founder, she played a pivotal role in the company’s growth and success. While specific details about her salary are not available, her net worth primarily consists of the value derived from her ownership interest in the business.

In addition to her entrepreneurial endeavors, Blakely and her husband are involved in various business ventures and investments. They are minority owners of the NBA’s Atlanta Hawks, which adds to their overall net worth.

Overall, Sara Blakely’s net worth is a testament to her entrepreneurial spirit, vision, and hard work in creating and growing Spanx into a highly successful brand.

Dive into the world of luxury with this video!