Jewelry entrepreneur Kendra Scott says her decision to open brick-and-mortar stores was the key move that turned her small jewelry line into a billion-dollar brand.
Scott launched her company in 2002 with just $500. At the time, she went door to door with her newborn son, asking local boutiques to carry her handmade jewelry. More than two decades later, her business has grown into a national brand with 152 stores across the United States.
Scott shared her story during a keynote address at the annual ICSC conference in Las Vegas, the country’s largest event for retail real estate professionals. She described her early business as a side project that gained momentum when Nordstrom began carrying her products.
However, the 2008 financial crisis forced her to rethink the company’s direction.
“I realized that all of the eggs of my business were in one basket,” Scott said. “I was relying on department store buyers and boutique owners. Their stores were closing every day. They had all the power.”
To take control, Scott decided to sell directly to customers. She opened her first retail store in Austin, Texas, in 2010.
“That’s when the real growth began,” she said. “We could connect with our customers and create an experience that other retailers didn’t offer.”
Today, Scott’s company continues to expand. She plans to open 25 new stores this year. Some of these will be under a new concept called Yellow Rose by Kendra Scott, which will focus on Texas lifestyle products and Western-inspired designs. The goal, she said, is to “put the cowgirl front and center.”
In addition to running her business, Scott is now a judge on the TV show Shark Tank. Reflecting on her journey, she told the ICSC audience that her initial goal was simply to support herself and her family.
“And look at where we are today,” she said. “Don’t ever underestimate yourself. I’m living proof that if you work hard and keep going every day, amazing things can happen.”
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