Kendra Scott finds new investor in Berkshire Partners
Boston-based investment firm Berkshire Partners announced on Wednesday that it has completed its investment in Kendra Scott Designs, Inc. The firm announced in December that it would invest in the jewelry brand.
Following the investment, all senior leaders will remain in their current positions at Kendra Scott and will focus on growing the brand’s omnichannel presence. In addition, Scott, the Founder and CEO of her namesake jewelry brand, will remain as majority shareholder. Kendra Scott in November hired an investment bank to explore a sale.
“We are excited to partner with the Berkshire team,” commented Kendra Scott. “ no quote Their expertise in working with consumer and fashion brands, their collaborative culture and their long-term approach to investing are a great fit for our Company.”
Founded in 2002, Kendra Scott offers a unique collection of jewelry, accessories, home goods and beauty products. The Austin, Texas-based company is sold at over 600 global specialty boutiques and national retailers such as Neiman Marcus, Nordstrom, Bloomingdale’s and Von Maur.
New investor Berkshire Partners has made over 115 investments since its founding in 1986 and has raised nine private equity funds with over $16 billion in aggregate capital commitments. Other investments in the retail sector have included Aritzia, Bare Escentuals, and Carter’s among others.
Norwest Venture Partners and Capstar Partners will continue as investors in Kendra Scott.
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