Austin jewelry entrepreneur Kendra Scott is stepping down as CEO of her namesake company, but will continue in her role as Executive Chairman.
Scott will also remain majority owner and continue to lead Kendra Scott’s design, customer experience and philanthropy, the company said on Monday.
The company said Kendra Scott chief executive Tom Nolan will take on the CEO role. Nolan has spent the past seven years in leadership roles with Kendra Scott, most recently as President.
Nolan has over 20 years of retail and brand management experience including Ralph Lauren, Conde Nast and as Founder and CEO of Prospect Brands.
“During this extraordinary time of retail transformation, there has been no better person to partner with me to grow the brand and the business,” Scott said in a written statement. “Tom is an experienced executive with a relentless focus on the client, rigorous operational, and strong expertise in digital transformation. With Tom by my side as CEO, I can continue to focus on what I have always considered the heart of the brand: exceptional design, a strong philanthropic impact and an ongoing commitment to our client.
Scott said that since becoming CEO of the company in 2002, “a part of me has always known that the day would come when I would be willing to hand this job over to a trusted partner and allow myself to dream of. bigger branding projects and new opportunities. “
In 2019, Scott launched the Kendra Scott Women’s Entrepreneurial Leadership Institute at the University of Texas and is currently a Professor of Practice.
Nolan joined Kendra Scott’s Board of Directors in 2014 and in 2016 became Director of Revenue and Marketing. In 2019, he was appointed President and worked on expansion initiatives, including expanding the brand’s business footprint across the country.
“The retail industry is constantly evolving and I am delighted to continue working alongside Kendra in this new role not only to provide enduring value, but also with a shared responsibility to serve our customers and continue to have a positively impacting people’s lives every day through our philanthropy efforts, ”said Nolan.
Since launching the spare bedroom jewelry line in 2002, Kendra Scott has grown her business into a powerful brand sold through retailers like Neiman Marcus, Nordstrom and Bloomingdale’s and in over 600 boutiques around the world. .
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The company operates 110 stand-alone stores across the United States and has more than 2,000 employees. Kendra Scott is headquartered in the Lamar Central mixed-use development at West 38th Street and North Lamar Boulevard in Austin.
Kendra Scott’s jewelry line includes earrings, necklaces, rings and charms, recognizable by their personalized shapes and stones. Customers can also personalize Kendra Scott jewelry at “Color Bars” in retail stores and online, where they can choose a stone, metal and shape.
The business also expanded into interior design, including trays, jewelry displays, and photo frames.
In 2016, Kendra Scott received an investment from private equity firm Berkshire Partners. As part of the agreement, Berkshire Partners acquired a significant minority stake in the company.
Kendra Scott did not disclose the size of the investment, but said the deal valued the company at $ 1 billion. Berkshire has said Scott will remain the majority shareholder.
Scott Ranked # 47 on Forbes 2020 List of Self-Made American Women by Net Worth. Forbes, who said Kendra Scott has an annual turnover of around $ 360 million, estimated Scott’s personal net worth at $ 510 million.
Scott is the founder of the Kendra Scott Women’s Entrepreneurial Leadership Institute at the University of Texas and is currently a professor of practice.