Kendra Scott’s net worth and biography. Net Worth: Est. $800 million
Kendra Scott is an American businesswoman best known for her jewelry firm, Kendra Scott LLC, which is recognized for its Colour Bar experience, which allows clients to personalize their jewelry with their favorite gemstones.
Kendra Scott illustrated biography
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1. Introduction
Kendra Scott (born March 27, 1974) is a fashion designer from the United States.
She is the executive chairperson, designer, and former CEO of Kendra Scott, LLC. She was selected Ernst & Young's National Entrepreneur of the Year in 2017.
Kendra's Jewelry brand is rare that looks very high-end while remaining affordable. It is known for mixing eye-catching jewels with enhanced design.
Scott has developed a billion-dollar jewelry business with a $500 investment and much hard work over two decades.
She has been married twice and has three sons. Her first marriage was to John Scott in 2000, with whom she had two children before separating in 2006.
She married Matt Davis, an Austinite, in 2014, and they had one kid before separating in 2020.
2. KEndra Scott's Early Life and Career
Unlike many wealthy businesspeople, Kendra Scott grew up impoverished and had to make her fortune. Kendra Scott was born Kendra Baumgartner on 27th March, 1974.
Scott was born and raised in Kenosha, Wisconsin.
Kendra Scott was raised in Wisconsin, but she and her family relocated to Houston, Texas, when she was sixteen. She graduated from Klein High School in Texas.
She then decided to attend Texas A&M University after falling in love with someone she met there.
She had barely been in college for a year before quitting when her stepfather became ill. Her lack of a college education did not deter her from achieving success.
Kendra Scott was born in the Wisconsin town of Kenosha.
Her family relocated to Houston, Texas, when she was 16, and she graduated from Klein High School.
Scott fell in love and “followed a boy” to Texas A&M University, where she stayed for one year before dropping out to aid her ailing stepfather in Austin, Texas, at 19.
Scott founded her first company, the Hat Box, which specializes in comfortable headgear for women undergoing chemotherapy.
Scott sold “comfortable but stylish” products, with a portion of the earnings going to cancer research.
Before launching her own business, she began manufacturing jewelry from home in Austin, Texas.
Scott did not launch Kendra Scott, LLC., a jewelry brand she started in a spare bedroom with $500, until 2002.
She had to struggle for a long time to sell her jewelry, but things began to improve when Oscar de la Renta chose to accessorize with her jewelry for his spring runway show in 2006.
More recognition for her work enabled her to invest more in her company and gave her the confidence to succeed.
She opened her first store in Austin, Texas, in 2010 and later focused on eCommerce. Big breaks like these in Scott's early career enabled her to thrive and develop to fame.
3. Kendra Scott's Rise to Fame and Major Achievements
Scott received the EY Entrepreneur of the Year 2017 National Award and the Accessories Council Excellence Awards Breakthrough Award.
She was named “Outstanding Mother of the Year” by the Mother's Day Council, Texas Businesswoman of the Year by the Women's Chamber of Commerce, Top 100 Entrepreneurs of the Year by Upstart Business Journal, and 2017 CEO of the Year by the Austin Business Journal.
She is ranked #40 on Forbes' list of America's Richest Self-Made Women 2019. Scott belongs to the Council of Fashion Designers of America.
She was the 12th woman in the state to be inducted into the Texas Business Hall of Fame in 2019.
Governor Greg Abbott appointed Scott to the Strike Force to Open Texas in April 2020, a body “tasked with finding safe and effective ways to reopen the state” amid the COVID-19 outbreak slowly.
She founded Kendra Scott LLC in 2002. Scott launched Kendra Scott LLC in 2002, designing her first collection with $500 in her spare bedroom shortly after the birth of her oldest son.
She moved from store to store throughout Austin, selling to local boutiques, and at the last boutique, she had to sell all of her samples to buy enough materials to cover the orders she had placed that day.
Scott's designs were chosen in 2005 as part of Oscar de la Renta's spring 2006 runway show.
Scott's designs were also featured in Randolph Duke's runway presentation 2007.
She was about to close her firm due to the financial crisis of 2007-2008, but she received an order from Nordstrom for some of their locations, which gave her prominence and enabled her to expand her business.
Scott's first retail location debuted in 2010 on South Congress Avenue in Austin.
In the same year, she launched her e-commerce business and the Colour Bar experience for the brand. She founded her second store on Rodeo Drive in Beverly Hills in 2011.
However, it was forced to close after a short time. Scott opened outlets in the South and Midwest in 2014, ignoring the fashion elite in New York and Los Angeles.
Later, in 2016, she sold minority ownership in her company to the private equity firm Berkshire Partners for $1 billion.
Her brand is worth more than $1 billion and includes fashion jewelry, fine jewelry, home furnishings, nail lacquer, and cosmetic goods.
Scott had 102 retail locations by the end of 2019. Scott's products are offered in London's Selfridges, Nordstrom, Neiman Marcus, Von Maur, Bloomingdale's, and over 1,000 specialized boutiques globally, in addition to an e-commerce business.
Ninety-five percent of her almost 2,000 employees are female. She stepped down as CEO in February 2021, keeping the Executive Chairwoman position, and named Tom Nolan as Kendra Scott's CEO.
Scott is an investor in Austin, Texas-based firms such as Helm Boots, Darbie Angell tableware, and Tiff's Treats.
4. Kendra Scott's Net Worth
Kendra Scott, an American fashion designer, and businesswoman, has established a billion-dollar empire in the jewelry sector with her trademark brand, Kendra Scott LLC. Founded in 2002 with only $500 and a resolve to succeed, the business has risen to popularity, generating a net worth of almost $800 million for its founder.
Most of Scott's money comes from her company, which has roughly $360 million in sales. This company operates over 100 boutiques where clients can design their jewelry.
She has broadened her brand to include additional accessories and homewares, demonstrating her versatility and willingness to expand.
Although she is no longer the company's CEO, she still owns most of the stock and serves as the executive chairperson.
As a young small-business owner, she had numerous obstacles in raising funds, and she needed someone to vouch for her to secure her first line of credit.
She gradually established her company while raising two small sons, relying on a growing support network of other moms pushing past fear to create something bigger than themselves.
5. Kendra Scott's Personal Life
Kendra Scott has demonstrated that she has what it takes to be one of the richest self-made women in the United States, with an eye for design and a vibrant vision for her brand.
Her path was full of difficulties, but she had to overcome them.
As a result, she now wants to assist other women in doing the same, and she enjoys using her riches and position to assist other women in bettering themselves.
Her company is now worth about $1 billion, a remarkable increase in the more than two decades she has been selling jewelry.
On June 24, 2000, Kendra Scott, née Baumgartner, married John Scott.
They divorced on August 22, 2006, after having two children. Scott remarried Matt Davis on June 6, 2014, in Sedona, Arizona. They have one child as a couple. They divorced in September 2020.
Scott is adamant about giving back to his community. Her brand began the “Kendra Cares” campaign, which benefits hospitals, in 2015. Kendra Cares announced in 2022 that it will donate one million dollars to establish the Kendra Scott Child Life Events Centre.
Kendra Scott is likely to do well in her job with a company that continues to do well and make hundreds of millions of dollars, and she will ideally continue to expand her existing net worth.
Her career as a successful businesswoman is likely to continue for a while.
Kendra Scott's tale is one of determination, hard work, and motivation; she has more than 500 million dollars to her name due to her efforts. Kendra Scott’s mission statement:
“We are a fashion-lifestyle brand of big dreams, colorful confidence, and inspired design.
Founded on Family, Fashion and Philanthropy, we believe that our employees and customers are the heart and soul of our brand and that giving back is the truest form of success.”
6. Conclusion
Scott is notable for her persistence and how she managed parenthood and entrepreneurship while managing fear, obstacles, and accomplishments.
She paired these characteristics with her desire to serve others, which inspired her to establish an entrepreneurial program at The University of Texas at Austin open to all majors. Now, the designer assists other women in starting and growing their businesses.
References:
https://blog.kendrascott.com/blog/kendras-tips-and-tricks-for-entrepreneurs
https://en.wikipedia.org/wiki/Kendra_Scott
https://haikhuu.com/blog/kendra-scotts-net-worth
https://moneyinc.com/kendra-scott-net-worth/
https://www.comparably.com/companies/kendra-scott-llc/mission
https://www.glamour.com/story/kendra-scott-jewelry-mogul-on-how-she-built-her-billion-dollar-empire