Mar 26, 2024 - News

Kendra Scott prospects for cash

A photo of a woman wearing two necklaces and a ring.

A woman wears necklaces and rings featuring lab-grown diamonds. Photo: Courtesy of Kendra Scott

Austin-based jewelry company Kendra Scott is seeking capital to fund its expansion plans, CEO Tom Nolan tells Axios Pro's Richard Collings exclusively.

Driving the news: It would not be surprising if Kendra Scott enters into a transaction this year, which would give it "gas" to put on the "fire," Nolan says.

  • "We would make a great public company," he notes.
  • He declined to comment, however, on which options it is exploring, such as a sale or a transfer of shares. Nolan also declined to say if Kendra Scott is working with or interviewing investment banks.

Catch up quick: PE firm Berkshire Partners announced in 2016 plans to acquire a significant minority stake in the business, which valued the company at $1 billion.

By the numbers: Kendra Scott's revenue increased nearly 20% year over year, to around $500 million, and e-commerce traffic grew 26% year over year, the CEO says.

What's next: Kendra Scott expects sales will continue growing by double digits for the foreseeable future. The company plans to open at least 15 stores this year.

Between the lines: Kendra Scott has been introducing new products, including a Southwest-inspired jewelry collection called Yellow Rose.

  • Kendra Scott is now offering a lab-grown diamond collection to make fine jewelry more accessible price-wise to its customers, the company said Monday.

📖 Dig deeper: If you need smart, quick intel on dealmaking in the retail industry for your job, get Axios Pro.


Subscribe for more Axios Austin in your inbox.

Read the full edition

Support local journalism by becoming a member.

Learn more

More Austin stories

No stories could be found


Get a free daily digest of the most important news in your backyard with Axios Austin.


Support local journalism by becoming a member.

Learn more