The Ledger
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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 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.”
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 Scott Design took zero outside investment capital until 2012.
“So we didn't bring in investment capital until 2012, very small amount.”
By 2017, Kendra Scott Design employed 2,000 people.
“I mean, now I have 2000 people that work for us, so it's their, I'm responsible for their families, so, you know, those things keep you up at night.”
Kendra Scott launched her first business with $20,000 in college savings.
“I remember it being like 20,000 dollars. That I bought my first inventory and signed a lease and all that kind of stuff.”
Scott's first retail business failed and shut down after five years.
“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.”
Kendra Scott funded her first orders by selling her $1,200 sample set.
“Literally the last store I went to that day, I had to sell my entire sample set. So that I would have enough money to buy the materials I needed to produce the orders I wrote that day, and I came home with a check for 1200 dollars”