Kendra Scott discusses the eventual closure and financial failure of her first retail venture, The Hat Box, prior to founding Kendra Scott jewelry.
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“I mean, five years after eating Top Ramen and, like, struggling and working seven days a week and open to close, and I couldn't really afford to have anybody, I had to shut it down, and I mean, I failed.”
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More from Kendra Scott
Opinion
Kendra Scott calls the 2008 financial crisis her company's greatest gift.
“This amazing, wonderful thing happens called the recession which turns out to be the greatest gift Kendra Scott, the company, ever received, which sounds really crazy, but it really was the greatest gift because I was playing it safe.”
Kendra ScottMar 20, 2017▶ 26:51Kendra Scott: Kendra Scott
Disclosure
Kendra Scott started her billion-dollar jewelry empire with just $500.
“I literally took 500 dollars to get all the supplies I needed to create this collection, which was a big deal for us.”
Kendra ScottMar 20, 2017▶ 10:25Kendra Scott: Kendra Scott
AssertionNot checkable as stated
Retailer Harold's placed a $75,000 initial wholesale order with Kendra Scott.
“And sure enough, I got a call, and it was a 75,000 dollar order.”
Kendra ScottMar 20, 2017▶ 14:52Kendra Scott: Kendra Scott
AssertionNot checkable as stated
Kendra Scott bootstrapped her growth using inventory-backed bank lines of credit.
“And I bootstrapped it. I mean, at this point, I did, I didn't bring any investment capital in, so I had a line of credit with the bank against my inventory and my purchase orders.”
Kendra ScottMar 20, 2017▶ 23:47Kendra Scott: Kendra Scott
AssertionNot checkable as stated
Kendra Scott reached $1.5 million in wholesale revenue before the 2008 crash.
“We were at about a million, 1,000,005 a year.”
Kendra ScottMar 20, 2017▶ 25:00Kendra Scott: Kendra Scott
AssertionNot checkable as stated
Kendra Scott's bank called her credit line during the 2008 crisis.
“My line of credit gets called by the bank because I'm a high-risk Being fashion and jewelry”
Kendra ScottMar 20, 2017▶ 27:31Kendra Scott: Kendra Scott
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