Kendra Scott shares her journey of returning to the CEO role and turning a $500 investment into a billion-dollar jewelry empire.
There's plenty for Kendra Scott to celebrate. Her jewelry brand continues to thrive, with new store openings and exciting collaborations, such as with Dolly Parton and the launch of Kendra Scott eyewear. She has also introduced Yellow Rose, a lifestyle brand focused on Texas-inspired fashion, including western jewelry, hats, and boots.
On the personal front, she recently became engaged to country star Zac Brown.
A Year of Transformation and Surprises
For nearly 23 years, Kendra Scott has kept her company private and maintained majority control. She was CEO until 2021, when she transitioned to executive chairwoman. However, following the departure of several executives earlier this year, Scott stepped back in as interim CEO.
“We’re taking it one day at a time,” Scott explains regarding the changes. “Even as chairwoman, I was highly engaged in daily operations, so not much has shifted with me back in the CEO role.”
“Our company is in an incredible position right now. Morale is soaring, and everyone is excited about our future.”
Scott's personal life is also flourishing. After three divorces, this new chapter was unexpected. “I had started to think I might never find love again, but meeting Zac changed everything. It’s never too late to find true love.”
Kendra Scott: A Self-Made Entrepreneur
When she founded her jewelry line in 2002, Kendra Scott had no plans for an empire. “I was in my extra bedroom, and I made a business card that simply said, Kendra Scott, jewelry designer,” she recalls.
“People began calling it Kendra Scott Jewelry, and I thought it stuck well.”
Starting with just $500 invested in materials, she aimed to create affordable pieces using semi-precious stones, offering a high-end aesthetic. At that time, she was in her late 20s, recently married, with a baby son, Cade.
Before this, she had dropped out of college at 19 to open a hat store inspired by her stepfather’s battle with cancer, which closed after five years. Learning from that experience, she approached her jewelry business differently.
“I hesitated to promote it, fearing ridicule,” she admits. This time, she was committed to making her venture successful.
“Every sale led to another. I was present in stores, hosting trunk shows, ensuring the products thrived. If something didn’t sell, I would replace it.”
The Challenging Yet Rewarding Start
Now, there are nearly 170 Kendra Scott stores nationwide. Initially, her sales were limited to wholesalers and retail partners. “My first order from Nordstrom shipped from my dining room table. They had no idea how small I was,” she shares.
Things progressed quickly as Scott moved out of her home and into a studio. In 2004, she welcomed her second son, Beck. Two years later, she divorced her first husband.
“I was a single mom for much of their childhood, often working with a pack-and-play in my design studio. When they went to preschool, I worked hard until I picked them up, bringing them back to the studio with me.”
For the first decade, securing investors was a struggle. “Venture capitalists and angel investors typically ignored businesses outside tech startups. Many doors were closed.”
A mentor advised her, “Build the best business you can, keep your focus, and reinvest every dollar. When you create the right business, opportunities will arise.”
From Recession to Billion-Dollar Valuation
The recession in 2008 prompted Scott to reevaluate her business model.
“I realized I was dependent on others, losing control. I needed to connect directly with my customers,” she recalls. “That’s when we opened our first retail store.”
“The recession became a gift for the Kendra Scott brand. I call them shake-the-snow-globe moments. They disrupt everything, and looking back, each time that happened, the business grew.”
In 2012, she secured her first outside investor, which fueled further growth and retail expansion. By 2016, a private equity firm valued Kendra Scott at $1 billion.
Kendra Scott: Sharing Her Knowledge
Philanthropy is a core aspect of Kendra Scott’s business philosophy. “Do good first, sell jewelry second,” she emphasizes.
In 2019, she established the Kendra Scott Women’s Entrepreneurial Leadership Institute at The University of Texas to support future female entrepreneurs. Despite not having a bachelor’s degree, she completed a challenging entrepreneurial master’s program at MIT and occasionally teaches at the Institute.
Her most important students are her three sons: Cade, 23, Beck, 21, and Grey, 12.
Scott strives to instill a strong work ethic and financial understanding in her sons. She required the older two to get jobs as teenagers at a local car wash.
“They’d come home exhausted but proud of themselves for earning their own money,” she shares. “If they wanted something, I encouraged them to work for it.”
She also emphasizes that, despite her success, they must forge their own paths and earn their own income.
“I’ll be your biggest supporter and cheerleader, helping you think things through. But you must do this independently, and you’ll take pride in your achievements.”
