Kendra Scott calls the 2008 financial crisis her company's greatest gift.
Kendra Scott · Kendra Scott: Kendra Scott · Mar 20, 2017 · at 26:51
Kendra Scott describes how the 2008 economic downturn forced her company to pivot from wholesale distribution to direct-to-consumer retail.
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“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.”
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More from Kendra Scott
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.”
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 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 Scott reached $1.5 million in wholesale revenue before the 2008 crash.
“We were at about a million, 1,000,005 a year.”