Kendra Scott Joins Forces with Norwest Venture Partners to Pave the Way for Continued High Growth Expansion
Leading Fashion Jewelry Designer to Amplify Omni-Channel Brand
AUSTIN, Texas, July 30, 2014-- Kendra Scott, a fashion jewelry designer, today announced that Norwest Venture Partners (NVP), a global, multi-stage investment firm with approximately $5B under management, has made a substantial minority growth equity investment in the company. The investment will enable Kendra Scott to further expand its retail, wholesale and online presence as well as build overall awareness levels.
"We are so thrilled to have Norwest Venture Partners join us as an investor and active partner at a very exciting time for our company. We are keenly focused on growing our brand and expanding into new markets," said Kendra Scott, the company's founder and CEO. "Leveraging NVP's strategic resources and experience in fashion, retail and eCommerce will accelerate our growth efforts across the board, and the firm's commitment to our vision will make a tremendous impact."
"Kendra Scott has enjoyed significant growth and broad appeal since its launch more than a decade ago," said NVP General Partner Sonya Brown. "Our partnership comes at a time when Kendra Scott seeks to make a significant push into new growth opportunities while preserving the unique customer experience for which the brand is known."
"Kendra Scott's compelling omni-channel business model, commitment to customer experience, and a strong management team make for a powerful combination," said Robert Arditi, NVP Principal. "NVP is completely aligned with the company's long-term approach, and we look forward to working closely with the team to expand the Kendra Scott brand even further."
Poised for Continued Growth
Since launching her first jewelry collection in 2002 with only $500, Kendra Scott has grown into a leading omni-channel brand with broad appeal. Kendra Scott is currently sold at renowned retailers like Nordstrom, Neiman Marcus, Bloomingdales and hundreds of specialty boutiques worldwide. With a track record of significant year-over-year growth and customer focus at the center of its business strategy, Kendra Scott is well-positioned for continued growth and success. By year's end, Kendra Scott will have 17 namesake retail stores with plans to open additional stores in key locations across the United States. The company will continue to operate from its headquarters in Austin, Texas.
New Collection Launch
Kendra Scott is an award-winning fashion jewelry brand widely recognized for its bold, colorful and dynamic designs. Kendra Scott creates four seasonal collections each year that are inspired by Kendra's life, travel and experiences. The Kendra Scott GlamRocks Collection, Kendra's latest seasonal line, launches July 16th. Inspired by the 1970's music scene and drawing from current festival influences, these pieces are a seamless blend of glamour and edge.
For additional product information, visit http://www.kendrascott.com/
For more information, please contact:
Katie Belding | Norwest Venture Partners | 650-321-8000 | firstname.lastname@example.org
Stephanie Jones | JONESWORKS INC. | 212-839-0111 | email@example.com
About Kendra Scott
Kendra Scott is a leading fashion accessories brand sold at premier retailers including Neiman Marcus, Nordstrom, Bloomingdale's and over a thousand specialty boutiques worldwide. The brand is known for its kaleidoscope of beautiful accessories infusing vibrant, hand cut gemstones meticulously designed at the flagship store and design studio headquartered in Austin, Texas. By year's end the brand will have 17 stand-alone-stores throughout the U.S. The brand also offers the Kendra Scott Color Bar™, an innovative jewelry customization experience available in all Kendra Scott stores as well as www.KendraScott.com.
Regularly featured in film, television and leading fashion and lifestyle publications, Kendra Scott has become a staple for women of all ages as well as a favorite of Hollywood's starlets like Selena Gomez, Jessica Alba, Brooklyn Decker, Sofia Vergara, Hilary Duff and Eva Longoria to name a few. As the brand continues to grow, the company remains true to its founding philosophy of "Family, Fashion, Philanthropy" and established the "Kendra Gives Back: You Shop, We Give" initiative to benefit both local and national charities across the country.
About Norwest Venture Partners (NVP)
Norwest Venture Partners (NVP) is a global, multi-stage venture and growth equity investment firm that has partnered with entrepreneurs to build great businesses for more than 50 years. The firm manages approximately $5 billion in capital and has funded more than 550 companies since inception. Headquartered in Palo Alto, Calif., NVP invests in early to late-stage venture and growth equity investments across a wide range of sectors including: technology, information services, business services, financial services, consumer products/services and healthcare. For more information visit: www.nvp.com. Follow NVP on Twitter @NorwestVP.
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