By Claire Gordon • 27 October 2021 • 17:52
"Spanx" (CC BY 2.0) by JeepersMedia
Sara Blakely, the chief executive and founder of Spanx has surprised her employees with a mega bonus to celebrate the company’s success. Spanx is shapewear, lauded as the best by many celebrities, and sworn to be the best for shaping curves making clothes look more flattering.
At a party on Thursday 21 October, Blakely awarded every employee with $10,000 and two first-class plane tickets to anywhere in the world. The party was to celebrate the company gaining a new $1.2billion valuation after the investment giant Blackstone bought a majority stake in the company.
Blakely started the shapewear company in 2000 with her $5,000 of savings. When she told people back then that one day it would be worth $20m, they laughed at her, she confessed. She took to social media to express what she thought about where Spanx was today. She posted: “To stand here today and think about what we have been able to create and what we’ve been able to do by being authentic and kind and delivering amazing products to women to use their very feminine principles in a very masculine space which is business, leading with intuition, vulnerability… this marks a moment for female entrepreneurs.”
Blakely urged for more support for female-led business. She spoke at the party and stated that even though 50% of entrepreneurs are women, only 2.3% of venture capital funding went to women in 2020. She added: “This is a very big moment for each and every one of you, and I want to toast the women that came before me and all of the women in the world who have not had this opportunity.”
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