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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
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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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