Early Life
Sara Blakely was born in Clearwater, Florida, on February 27, 1971. Her mother is an artist and her father is a lawyer. She attended Clearwater High School and graduated from Florida State University with a degree in communications. After considering a career in law, she decided against it and took on sales positions, including selling fax machines door-to-door, before starting Spanx.
Rise to Success
Blakely founded Spanx in 2000. The idea came to her when she was preparing for a party and realized she didn't have the right undergarments to create a smooth look under white pants. She cut the feet off a pair of pantyhose, which led her to develop her own shapewear solution. She invested her savings of $5,000 to research and develop her idea. After facing initial rejections, she found a mill operator who supported her concept. Spanx was featured on The Oprah Winfrey Show in 2000, which significantly boosted its popularity and sales.
Key Business Strategies
Blakely's success is attributed to several key strategies. She focused on a product that addressed a specific need, and she did her own marketing. She also utilized the power of personal branding, making a deal with QVC. Spanx products were sold in over 50 countries as of 2021. In 2021, The Blackstone Group acquired a majority stake in Spanx, valuing the company at $1.2 billion, with Blakely remaining as Executive Chairwoman.
Philanthropy
In 2006, Blakely launched the Sara Blakely Foundation to support women through education and entrepreneurial training. She has donated millions to charities around the world. In 2013, she became the first self-made female billionaire to join The Giving Pledge.