RAPAPORT... Scott Kay appointed David Minster as its CEO and a member of the brand's board of advisors. Minster joined the firm following more than 25 years in the luxury goods sector with titles such as chief information officer for Elizabeth Arden and chief operating officer for David Yurman. Minster is on the board of advisors for Profitect Inc.
The jewelry company's founder, Scott Kay, will remain its chairman and chief designer. Minster, pictured, will transition into the CEO post to allow Kay more time to focus on the art and designs of his products and to pursue writing, public speaking and industry teaching.
Kay said, "I have spent more than a decade looking for a business partner to run the company on a day-to-day basis to enable me to focus on the art and design of our products. I have found that partner in David. David's background and expertise within the consumer goods and luxury sectors made what would have otherwise been a very hard decision simple and obvious. His track record demonstrates consistent results and profound success. A founding entrepreneur can only wear so many hats before he reaches a certain level. With David onboard, we will be able to far exceed the vision I have for the brand. This is a pivotal moment for our company -- world-class business meets world class art."
Minster, 51, was credited with initiating several important developments at David Yurman, which Kay is interested in pursuing, particularly a direct-to-consumer strategy and global operations in both supply chain and retail.
Minster said, "Clearly, the imperative is to establish structure to all of the opportunities that Scott Kay currently has before it. You're dealing with a matrix of omni-channel opportunities, geographic opportunities and a myriad of new category possibilities. We'll be able to dramatically impact performance and growth by focusing on key initiatives, building great teams to execute them and by allowing Scott to focus on the tremendous body of unpublished designs in his studio."