Connect with us

Headlines

Fast-Growing Jewelry Company Now Valued at $1B

mm

Published

on

And Berkshire Partners just bought a stake.

Jewelry company Kendra Scott Design Inc. has entered into a partnership agreement with Berkshire Partners, a Boston-based investment firm.

Financial terms of the deal were not disclosed. But Reuters reported that, according to sources, the deal “values the Austin, Texas-based jewelry company at more than $1 billion.”

Founder Kendra Scott will continue as majority shareholder and CEO, according to a press release. The company’s senior leaders will remain in their current positions. Norwest Venture Partners will continue as a minority investor.

Scott founded the company with $500 from a spare bedroom in her home in 2002, according to the release. The firm has grown into a jewelry, home and beauty brand with more than 50 stores throughout the U.S. and significant wholesale and e-commerce operations.

“Kendra and her team have built an authentic brand that is widely loved,” said Marni Payne, managing director at Berkshire Partners. “The Company’s deep focus on its customers, commitment to product innovation and culture of giving back has led to impressive growth. We look forward to partnering with Kendra and her team to support their continued success.”

Scott said she and her team are “delighted to have Berkshire invest with us at a very exciting time for our company.” 

Advertisement

“Berkshire has significant experience in helping leading brands maximize their potential and a deep appreciation for the Kendra Scott culture and organization,” she said.

The transaction is subject to customary closing conditions and is expected to close during the first quarter of 2017.

Read more at Reuters.

Advertisement

SPONSORED VIDEO

When the Kids Have Their Own Careers, Wilkerson Can Help You to Retire

Alex and Gladys Rysman are the third generation to run Romm Jewelers in Brockton, Mass. And after many decades of service to the industry and their community, it was time to close the store and take advantage of some downtime. With three grown children who each had their own careers outside of the industry, they decided to call Wilkerson. Then, the Rysmans did what every jeweler should do: They called other retailers and asked about their own Wilkerson experience. “They all told us what a great experience it was and that’s what made us go with Wilkerson.” says Gladys Rysman. The results? Alex Rysman says he was impressed. “We exceeded whatever I expected to do by a large margin.”

Promoted Headlines

Most Popular