SourcingMay 20, 2024
2 Business-to-Business Platforms Secure Millions in Funding MajorsSep 26, 2024
Kendra Scott Eyes Network, Product Expansion Following New Investment
65 Equity Partners has made a “significant” minority investment in the company, though founder Kendra Scott retains a majority stake.
A pair of “toi et moi” lab-grown diamond earrings set in 14-karat yellow gold from Kendra Scott. The company has found a new minority investor in 65 Equity Partners and co-investors HPS Investment Partners and Belzberg & Co.
Austin, Texas—Investment firm 65 Equity Partners announced earlier this month that it has sunk money in Kendra Scott Design Inc. to help the popular jewelry brand expand into new categories and open more stores.
The exact amount of the “significant” minority investment was not disclosed, though it was noted that the brand’s founder and namesake, Kendra Scott, will still hold a majority stake in the company.
Under the terms of the transaction, she also will acquire a larger equity position than what she currently holds.
HPS Investment Partners and Belzberg & Co. invested alongside 65 Equity Partners, while
former investors Berkshire Partners and Norwest Venture Partners have had their preferred stock investments fully redeemed.
WWD reported last year that Berkshire Partners was looking to withdraw its investment in the company and move on.
In the statement announcing the transaction, 65 Equity Partners said Kendra Scott Design Inc. will “remain bullish in retail by opening new stores, collaborating with culturally relevant partners, and expanding into crucial categories in the upcoming years.”
When asked to provide more details on future plans for additional stores or product category expansion, a spokesperson for Kendra Scott Design Inc. said the company cannot provide any information beyond what was included in the statement.
In March of this year, the brand said it was looking to expand from 138 to 200 stores over the next three years.
At the same time, it announced the addition of lab-grown diamond fashion jewelry to its offerings, a move that followed its expansion into the engagement ring market and its addition of watches in April 2022.
Related stories will be right here …
The exact amount of the “significant” minority investment was not disclosed, though it was noted that the brand’s founder and namesake, Kendra Scott, will still hold a majority stake in the company.
Under the terms of the transaction, she also will acquire a larger equity position than what she currently holds.
HPS Investment Partners and Belzberg & Co. invested alongside 65 Equity Partners, while
former investors Berkshire Partners and Norwest Venture Partners have had their preferred stock investments fully redeemed.
WWD reported last year that Berkshire Partners was looking to withdraw its investment in the company and move on.
In the statement announcing the transaction, 65 Equity Partners said Kendra Scott Design Inc. will “remain bullish in retail by opening new stores, collaborating with culturally relevant partners, and expanding into crucial categories in the upcoming years.”
When asked to provide more details on future plans for additional stores or product category expansion, a spokesperson for Kendra Scott Design Inc. said the company cannot provide any information beyond what was included in the statement.
In March of this year, the brand said it was looking to expand from 138 to 200 stores over the next three years.
At the same time, it announced the addition of lab-grown diamond fashion jewelry to its offerings, a move that followed its expansion into the engagement ring market and its addition of watches in April 2022.
Scott founded Kendra Scott Design Inc. in 2002.
She stepped down as CEO in 2021 but remains the company’s executive chair and chief creative officer.
Kendra Scott Design Inc. sells fashion, bridge, and fine jewelry, including 14-karat gold jewelry set with diamonds (natural and lab-grown), as well as watches, fragrances, and home accessories.
It has more than 130 stores and pop-up locations, and over 2,600 employees. Its products also are sold via wholesale partners including Nordstrom, Bloomingdale’s, Dillard’s, and 850-plus specialty boutiques.
More on Majors
The Latest
WatchesOct 04, 2024
Watches of Switzerland Clocks Another Acquisition—HodinkeeThe company said Benjamin Clymer will return to his role as head of the watch news website, which will maintain editorial independence.
CollectionsOct 04, 2024
Piece of the Week: Ray Griffiths’ ‘Double Headed Snake’ RingSlither into spooky season with this scary snake ring that boasts two heads with tsavorite eyes.
Policies & IssuesOct 03, 2024
RJO, CERF+ Join Those Offering Hurricane Helene Relief to Affected JewelersPlus, how to apply for emergency funds and donate to recovery efforts.
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
SourcingOct 03, 2024
How India Became the World’s Second-Largest Market for Diamond Jewelry A strong economy, a growing middle class with an affinity for brands, and rapid expansion of organized retail have fueled the market’s rise.
Weekly QuizOct 03, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeOct 03, 2024
Man Who Shared Spoils of $2.7M Smash-and-Grab on Social Media Pleads Guilty to Robbery ChargeLadell Tharpe, 39, took part in a 2022 jewelry store robbery and then posted pictures of cash on Instagram with the text “Robbery Gang.”
MajorsOct 03, 2024
Pandora Names 3rd CMO in Past 5 YearsNew Chief Marketing Officer Berta de Pablos-Barbier has worked for LVMH’s champagne brands and Kering-owned Boucheron.
Brought to you by
Why You Can't Miss JA New York This FallDon't miss this one-stop-shop in October, curated with buyers’ needs in mind.
TrendsOct 03, 2024
Amanda’s Style File: October’s ArrivalTransition to fall with this month’s birthstones of opal and tourmaline.
AuctionsOct 03, 2024
Dame Shirley Bassey’s Diamonds Are Ready for Their EncoreSotheby’s will auction jewelry belonging to the “Diamonds Are Forever” singer Oct. 10 in Paris.
Lab-GrownOct 02, 2024
Lightbox Continues as a Brand, While Supplies Last?The De Beers-owned lab-grown diamond company is rebranding and creating new collections, though its long-term future remains unclear.
CollectionsOct 02, 2024
Brilliant Earth Debuts Jane Goodall CollectionThe collection is part of the retailer’s new “Rethink Everything You Know About Diamonds” campaign.
AuctionsOct 02, 2024
The GOAT’s Stash: Watches Owned by Tom Brady Going Up for Auction The sale includes the custom-made, diamond-set Audemars Piguet watch the QB wore for Netflix’s “The Roast of Tom Brady.”
Events & AwardsOct 02, 2024
AJA’s Design Competition Now Accepting EntriesThe Armenian Jewellers Association is hosting its design competition for the second year, with winners showcasing at GemGenève in May 2025.
MajorsOct 01, 2024
Signet Jewelers CEO Gina Drosos to RetireThe jewelry retailer has named her successor and also will expand the role of Chief Financial Officer Joan Hilson.
MajorsOct 01, 2024
Kay Jewelers to Revamp BrandThe Signet Jewelers-owned banner has a new campaign and plans for store redesigns.
CollectionsOct 01, 2024
JV Insardi Inspires Curiosity in New CollectionCreative Director Jen Insardi brings a new take on classic gold bead designs to her “Solar” collection.
IndependentsOct 01, 2024
Oklahoma Jewelers Association Grants Lifetime Achievement AwardThe recipient, Glenn Douglass, also was inducted into the OJA Hall of Fame.
MajorsOct 01, 2024
Stuller Celebrates Long-Serving EmployeesThe manufacturer recognized several team members at its 2024 Milestone Anniversary Banquet.
AuctionsSep 30, 2024
Oscar Heyman Jewels, Paraíba Pieces Shine at Bonhams Auction The single-owner collection sale, which took place in New York last week, achieved $4.8 million, with almost every lot finding a buyer.
TrendsSep 30, 2024
Amanda’s Style File: Dainty DelightsWhile statement pieces always shine, it’s time for everyday staples to be the star of the show.
Policies & IssuesSep 30, 2024
JA Fly-In to DC Focuses on Russian Diamonds, Retail CrimeJewelers of America leadership and members recently headed to D.C. to share the industry’s top concerns with lawmakers.
Recorded WebinarsSep 27, 2024
Watch: Prepare to Shine This Holiday SeasonThree members of JA's 2024 "20 Under 40" class join Amanda Gizzi and Lauren McLemore to share their tips for seasonal retail success.
CollectionsSep 27, 2024
Piece of the Week: Lalaounis’ Necklace is an Archaeological RevivalThe necklace, inspired by ancient artifacts, celebrates strength, endurance, and the natural world.
MajorsSep 27, 2024
Signet-Owned E-Tailer Rocksbox to Launch on AmazonRocksbox is the first banner owned by Signet to sell its jewelry through the retail giant.
EditorsSep 26, 2024
This New Bulova Documentary Is Perfect for History Buffs Like Me “America Telling Time: 150 Years of Bulova” dives into the watchmaker’s storied past, from its ad campaigns to the first women’s wristwatch.
CollectionsSep 26, 2024
Marco Bicego Adds Stackable Designs to Masai CollectionThe new additions include flat coil rings, bracelets, and necklaces designed to layer elegantly.
