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Kendra Scott Receives Equity Investment

Dec 26, 2016 3:00 AM   By Rapaport News
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RAPAPORT... 
Berkshire Partners has bought a minority stake in Kendra Scott Design, highlighting the significant growth the jewelry brand has enjoyed since starting operations in a spare bedroom.

Reuters said the deal valued the company at $1 billion, while details were not disclosed by the parties involved. Founder Kendra Scott will continue as a majority shareholder and chief executive officer, with other senior leaders also remaining in position. Norwest Venture Partners will continue as a minority investor.

“We are delighted to have Berkshire invest with us at a very exciting time for our company,” Scott (pictured) said. “Berkshire has significant experience in helping leading brands maximize their potential and a deep appreciation for the Kendra Scott culture and organization.”

Having started out with a $500 budget in 2002, Kendra Scott Design has expanded into a well-known jewelry brand with more than 50 standalone retail stores across the U.S. Its products are sold at retailers including Nieman Marcus, Nordstrom, Bloomingdale’s and Von Maur and in more than 600 specialty boutiques worldwide.

Image: Jhstanley
Tags: austin, Berkshire Partners, Bloomingdale’s, Kendra scott, Kendra Scott Design, Marni Payne, Nieman Marcus, Nordstrom, Rapaport News, texas, Von Maur
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