Kendra Scott could enter into a financial agreement that would raise capital, as it looks to fund its expansion plans, according to a report on Axios.
Company CEO Tom Nolan (pictured) declined to comment on whether the company had any specific transaction in mind or was working with an investment bank.
A spokesperson tells JCK that Kendra Scott’s business is very healthy, with annual revenue hitting $500 million in 2023, a nearly 20% jump over the prior year. The Austin, Texas–based brand has said it plans to increase its store count from 138 to 200 within the next few years—with at least 15 openings planned in 2024, according to Axios.
In 2016, Kendra Scott received a “significant” minority investment from Berkshire Partners, in a deal that valued the company at over $1 billion.
Nolan was a guest on JCK’s podcast, The Jewelry District, in March 2023.
(Photo courtesy of Kendra Scott)
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