Editor’s Be aware Aug 16 at 6pm ET: An earlier model of this text acknowledged that the executives had been “ousted,” which the corporate disputes. The article has been up to date to replicate that they’ve left.
Three high executives have left jewellery model Kendra Scott, together with chief government Tom Nolan, chief monetary officer Jason Friesen, and chief individuals officer Danielle Stewart, ADWEEK has discovered.
The corporate confirmed the departures in a press release, which is included in full on the backside of the article.
“As a part of this transition, CEO Tom Nolan, CFO Jason Friesen, and CPO Danielle Stewart have departed the corporate,” mentioned a spokesperson for the corporate. “We’re grateful for the management, experience, and imaginative and prescient they dropped at Kendra Scott.”
The chief shuffle comes on the heels of an funding the brand received in September 2024 from the non-public fairness agency 65 Fairness Companions. As a part of that fairness transaction, founder Kendra Scott elevated her majority possession within the firm.
Scott will now be returning to steer the corporate as interim CEO, in line with the corporate. She initially based the model in 2002 and served as its CEO till 2021 when she transitioned into the position of government chairwoman.
She shall be joined in her return by Neal Bronzo, a longtime Kendra Scott government, who will step into the mixed position of interim CFO/COO. Beth Ley, a former member of the Kendra Scott management group, may even return as CPO on Sept. 1.
Constructing on current development
The change comes amid a interval of fast enlargement and structural evolution for the Austin-based life-style and jewellery model.
Between 2023 and 2024, the corporate grew 30%, and noticed 20% year-over-year development in 2024, now-former CEO Nolan told Fortune in March. The corporate additionally plans to open 25 new shops in 2025, increasing from roughly 150 areas into West Coast, Northeast and Midwest markets.
Kendra Scott has not publicly shared actual income figures, however Nolan instructed Fortune that it does “a number of hundred million {dollars} in income now.” Forbes has beforehand estimated its revenues to be greater than $500 million.
Positioned firmly within the “reasonably priced luxurious” section, Kendra Scott’s costs vary from beneath $50 to round $1,500 for lab-grown diamond items. The enchantment of Kendra Scott resonates throughout generations. This technique has helped the model thrive whilst rivals emphasised high-end, “loud” luxurious whereas many retailers trimmed their retailer footprints throughout a turbulent retail local weather.
