65 Equity Partners has taken a “significant” minority stake in jewelry brand Kendra Scott, the Singapore-based investment firm announced on Sept. 13.
Company founder and executive chairwoman Kendra Scott will continue to hold the majority of its shares, and with this new transaction her equity position will increase.
Two other funds, HPS Investment Partners and Belzberg & Co., have invested in the company along with 65 Equity. No financial terms were disclosed.
65 Equity Partners principal Matt Doherty said in a statement that the new cash infusion will support “the brand’s continued expansion across channels, geographies, and categories.”
In March, the brand told JCK that its annual revenue hit $500 million in 2023, a nearly 20% jump from the prior year.
The statement said that past funders Berkshire Partners and Norwest Venture Partners had their investments “fully redeem[ed].” Last year, WWD reported that Berkshire, which first put money behind Kendra Scott in 2016, was ready to “move on.”
Photo courtesy of Kendra Scott
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