How Kendra Scott Achieved a Net Worth of $580 Million
Starting her company with only $500, Kendra Scott had a rags-to-riches story. Currently, she is number 44 on Forbes’ list of the Wealthiest Self-Made Women, which she has accomplished through business endeavors like her Kendra Scott jewelry stores. With so much success, what is Kendra Scott’s net worth, how did she make her money, and what are her current business endeavors? Keep reading to learn more about this exciting businesswoman and her amazing ruse to success.
Who is Kendra Scott?
Kendra Scott is an American businesswoman who is known for her jewelry company, Kendra Scott LLC, which is acknowledged for its Color Bar experience, which allows customers to customize their jewelry with gemstones they love.
With an eye for design and a dynamic vision for her company, Kendra Scott has proven that she has what it takes to be one of the richest self-made women in the United States. Her journey was not without challenges, so she has had to defy the odds. Thus, she now wants to help other women do the same, and she loves being able to use her wealth and power to help other women better themselves.
Her company has been valued at around $1 billion dollars, which is an extraordinary growth in the more than two decades she’s been selling jewelry.
Kendra Scott’s Early Life and Career
Unlike a lot of rich business people, Kendra Scott had a humble upbringing and had to make her own wealth. Born on March 27, 1974, Kendra Scott was born Kendra Baumgartner. Scott spent her early life in Kenosha, Wisconsin. Although Kendra Scott was born in Wisconsin, she moved to Houston, Texas, with her family, when she was sixteen. While in Texas, she graduated from Klein High School.
She then chose to go to Texas A&M University after she fell in love with a boy who was going there. She only had a year of college life before she chose to drop out of college when her stepfather became sick. Her lack of a college education did not stop her path to success.
After dropping out of school, Scott began her first business, Hat Box, which made hats for women and men who were enduring chemotherapy. These hats were intended to combine style and comfort, and Scott used some of her proceeds to donate to cancer research. It wasn’t until 2002 that Scott created Kendra Scott, LLC., a jewelry collection that she started in a spare bedroom with just $500.
For a long time, she had to hustle to sell her jewelry, but things started to change for the better when Oscar de la Renta chose to accessorize with her jewelry for his spring runway show in 2006. Gaining more recognition for her work allowed her to invest more in her business and gave her the confidence to succeed.
In 2010, she was able to open her first store in Austin, Texas, and she later focused on eCommerce as well. Big breaks like these in Scott’s early career allowed her to flourish and rise to prominence in her career.
What is Kendra Scott’s Net Worth?
Forbes estimates that Kendra Scott’s net worth is $580 million, making her one of the wealthiest self-made women in America. Her net worth dipped from its 2021 peak of $800 million, but there’s no doubt that she’s still doing extremely well, and has plenty of opportunities to continue to do well.
How Does Kendra Scott Make Her Money?
Most of Scott’s money comes from her company, which has sales of around $360 million. This company runs more than 100 stores that allow customers to make custom jewelry. She has expanded her brand to include some other accessories and homewares, showing her versatility and desire to continue to grow. Although she is no longer the CEO of the company, she holds most of the stocks and continues to be the executive chairwoman.
She has also tried some other ventures, which have built her personal brand and have helped her create more opportunities for herself. For example, she guest starred in a season 12 episode of “Shark Tank,” where she served a guest shark.
What is Kendra Scott Doing Now
Although Kendra Scott has a home base in Austin, Texas, she still has to help manage her company’s presence across the United States and around the world.
In 2021, Kendra Scott stepped down as the CEO of her jewelry company. While Scott still holds the majority of shares for the company, this change allows her to expand her ventures and find new ways of boosting her income as well as balancing her personal life. Scott continues to be a leader for women in business.
Does Kendra Scott Participate in Philanthropy?
Philanthropy is not just something that Kendra Scott does. It is an important part of her business model. Scott understands that successful businesses must keep communities around them in mind and that philanthropy makes the world and workplace a better place. Thus, it’s part of the reason she has been so successful.
Research shows that philanthropy creates a more enthusiastic and high-functioning work environment. When employees believe their organization is giving to the community they have a 13 times greater chance of looking forward to going to work.
Forbes explores her philanthropy in its detailed profile of Kendra Scott. Not only does she give money, but she creates and participates in programs that help women in business. Her goal has been to ‘“create a pipeline of courageous creative female leaders who will shatter stereotypes of what an entrepreneur should look like and will challenge the rulebooks that have governed the business world for generations.”’ Scott understands that giving other people a chance to succeed helps her build success and make a difference.
Is Kendra Scott Married?
Marriages can have a huge impact on a person’s net worth, and Scott has been multiple times. Kendra Scott is not currently married, but she had two previous marriages with John Scott and Matt Davis. While these marriages did not work out, they led to Kendra Scott becoming a mother to three children, two from her first marriage and one from her second.
What Does Kendra Scott’s Future Look Like?
With a company that continues to do well and earn hundreds of millions of dollars, Kendra Scott is likely to continue to do well in her profession, and she will hopefully continue to grow upon her current net worth. Being a keen businesswoman, it is unlikely that her success will stop anytime soon. Going from just a 500 dollar investment to more than 500 million dollars to her name, Kendra Scott’s story is one of perseverance, hard work, and determination, which are all qualities that will enable her to maintain her success.
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Written by Allen Lee
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