Non-public fairness agency 65 Fairness Companions on Friday stated it has accomplished “a major minority funding” in equipment model Kendra Scott Design, Inc. A Kendra Scott spokesperson declined to remark concerning the measurement of the funding, referring to the press launch issued by the businesses. 65 Fairness Companions didn’t instantly reply to a query concerning the greenback quantity of its funding.
Founder Kendra Scott herself not solely retains a majority stake within the firm, however that has additionally grown beneath the phrases of the deal, per the discharge. HPS Funding Companions and Belzberg & Co co-invested with 65 Fairness Companions within the transaction, which “absolutely redeems the popular inventory investments held by Berkshire Companions and Norwest Enterprise Companions,” the businesses stated.
The brand new funding will “help the model’s continued growth throughout channels, geographies, and classes,” based on a press release from 65 Fairness Companions Principal Matt Doherty. The model will open new shops, collaborate “with culturally related companions” and broaden “into essential classes within the upcoming years,” per the discharge.
In a press release, Kendra Scott CEO Tom Nolan stated the 65 Fairness Companions infusion “represents a pivotal second in our journey.” Nolan, beforehand president of the corporate, took over from Scott as chief government over three years in the past; she stays government chairwoman of the board.
“We proceed to see success throughout all channels with elevated site visitors, double-digit income progress, and outperforming trade requirements,” Nolan stated. “We’re thrilled concerning the alternatives this partnership brings and are assured within the model’s continued growth and progress.”
Since Nolan took the helm, Kendra Scott has introduced a slew of initiatives that broaden the model’s attain, together with partnering with Goal, getting into the perfume and timepiece classes, collaborating with LoveShackFancy and providing lab-grown diamonds.
On Friday, Scott stated the brand new partnership with 65 Fairness Companions will enable for continued progress “whereas staying true to our mission.”
“The worldwide funding agency’s give attention to supporting entrepreneurs of their progress journey enhances our efforts as we construct a globally acknowledged life-style model,” she stated.
