The deal values the company at more than $1 billion, reports say
Kendra Scott Design has received a minority investment from Berkshire Partners, a Boston-based investment firm.
Reuters called the investment “significant” and quoted sources valuing the company at more than $1 billion. A company spokesperson did not return a request for comment.
Kendra Scott will continue as majority shareholder and CEO. Other senior leaders will remain in place, a statement said, and Norwest Venture Partners will continue as a minority investor.
Scott founded the company in 2002 with $500 in a spare bedroom in her home. It now has 50 stores throughout the United States and is sold in over 600 boutiques. According to Success, its annual revenues now top $150 million.
“We are delighted to have Berkshire invest with us at a very exciting time for our company,” Scott said in a statement. “Berkshire has significant experience in helping leading brands maximize their potential and a deep appreciation for the Kendra Scott culture and organization.”