Kendra Scott Steps Down As CEO Of Her Namesake Jewelry Company
Texas jewelry tycoon Kendra Scott has stepped aside as chief executive of the eponymous jewelry company she founded nearly 20 years ago, but will remain involved with design, customer experience and philanthropic efforts, she said Monday.
Kendra Scott attends the 2019 Annual ACE Awards in New York City.
Kendra Scott President Tom Nolan, who has been with the company for seven years, will take Scott’s place as CEO effective immediately, according to a statement, while Scott, who is the majority owner, will remain executive chairwoman.
The company’s annual sales are roughly $360 million, it told Forbes last year.
Scott was estimated by Forbes to be worth $510 million in 2020, ranking her 47th on last year’s list of America’s Self-Made Women.
“Over the last seven years, Tom has been an incredible thought partner to me and a wonderful steward of the brand,” Scott said in a statement Monday. “With Tom at my side as CEO, I can continue to focus on what I have always seen as the core of the brand—great design, strong philanthropic impact and a continued commitment to our customer.”
$1 billion. That’s the valuation the company was given in a 2016 investment by private equity firm Berkshire Partners.
Scott founded her jewelry company in 2002 out of a spare bedroom in her home in Austin, Texas. Today, there are 110 Kendra Scott retail stores across the U.S., and the brand’s jewelry, home goods and other lifestyle products are available at department stores like Nordstrom, Neiman Marcus and independent specialty boutiques.
How Kendra Scott Built A Billion-Dollar Jewelry Company (Forbes)
Jewelry Mogul Kendra Scott Joins America’s Richest Self-Made Women List (Forbes)