|
RAPAPORT... Norwest Venture Partners, a global multi-stage investment firm, invested in jeweler Kendra Scott as a minority investor, further enabling the retailer to expand and increase the brand's reach. Kendra Scott, the founder and CEO of the company bearing her name, said, "We are thrilled to have Norwest Venture Partners join us as an investor and active partner at a very exciting time in our company. Leveraging its strategic resources and experience in fashion, retail and ecommerce will accelerate our growth effort across the board and the firm's commitment to our vision will make a tremendous impact." Norwest Venture's principal, Robert Arditi, said, "Kendra Scott's compelling omnichannel business model, commitment to customer experience and a strong management team make for a powerful combination. Norwest is completely aligned with the company's long-term approach." The equity investment comes at a pivotal time for Scott, who targets opening 17 retail locations before the end of 2014. The brand is also sold at Nordstrom, Neiman Marcus and specialty boutiques. The jeweler also launched a summer collection this month, Glamrocks, which was inspired by the 1970s music scene and current music festivals.
|