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.

avatar

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

Austinpostcard

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