ABC’s Shark Tank never fails to entertain, and Season 12 was no exception. One guest Shark in particular, Kendra Scott, brought a whole new energy to the show with her natural instincts for business and confident but friendly approach to contestants.
In this article, we’ll look at everything there is to know about Kendra Scott, from how she got her big break, to her net worth, to her best and worst Shark Tank investments.
Who is Kendra Scott?
Kendra Scott is a well-known fashion designer, businesswoman, philanthropist, and recurring guest on ABC’s Shark Tank. She made her fortune through her jewelry line, Kendra Scott, LLC, which she started in her guest bedroom in 2002.
Since then, she has garnered a significant net worth of over $1 billion. During her time on Shark Tank, her most notable investments have been Bootaybag, Sienna Sauce, and Opulence MD.
Kendra Scott LLC
For jewelry enthusiasts the world over, Kendra Scott is a household name in simplicity and elegance.
Hailing from Houston, Texas, Kendra began her journey in business back in 2002, selling fashionable but comfortable hats for women undergoing chemotherapy to local boutiques in her area.
At the time, she had just given birth to her first child and only had $500 to invest in her business. She designed all her products herself from the spare bedroom of her house.
Fortunately, with the support of the boutiques that invested in her start-up fashion line, she could move into production to fulfill her first order.
From this point onwards, she gained the interest of top-tier fashion designers, eventually accessorizing an Oscar de la Renta runway show in 2006.
While this was a huge breakthrough for the young entrepreneur, she suffered some major setbacks due to the onset of the 2008 recession, which nearly saw the closure of her company.
However, not one to be deterred, Kendra regrouped and managed to close a deal with Nordstrom, which once again landed her stylish line in the spotlight.
By 2010, she had opened her flagship store in Austin and launched her first e-commerce line, Color Bar.
From this point onwards, a combination of sound business acumen and determination saw her open a number of retail stores across the South and Midwest.
In addition to jewelry, the Kendra Scott brand went on to include homeware and beauty products.
In 2016, she sold a minority stake in her business – with 104 retail stores and a booming e-commerce presence – at a valuation of over $1 billion.
While she has stepped down as CEO of Kendra Scott LLC, she remains its Executive Chairwoman.
She now focuses her energy on philanthropy and investing in young and upcoming businesspeople, making her the perfect fit for Shark Tank.
Kendra Scott’s Net Worth
Currently, Kendra Scott’s net worth is over $580 million.
According to Forbes, she is one of the wealthiest self-made women in America. She has received numerous accolades to this effect, including Texas Businesswoman of the Year in 2016.
That said, Kendra is also an avid philanthropist and contributes to causes supporting women and children through her foundation, Kendra Cares.
Kendra Scott on Shark Tank
Kendra Scott joined the Shark Tank cast as a guest in Season 12 (2020), alongside regulars Mark Cuban, Lori Greiner, Kevin O’Leary, and Barbara Corcoran.
She featured in 3 of the 25 episodes and made investments in each.
During her time on the show, she stood out for her firm but thoughtful approach to contestants and showed a particular interest in female-led businesses.
Kendra Scott’s Best and Worst Shark Tank Investments
During her tenure on Shark Tank, Kendra Scott’s most prominent investments were in Bootaybag, Sienna Sauce, and Opulence MD Beauty.
Let’s look at each of these investments, what they cost Kendra, and how they are faring today.
Arguably Kendra’s best Shark Tank investment, Bootaybag is a monthly underwear subscription service catering to women, founded and led by Ellyette Gheno.
During the Shark Tank presentation, Kendra was struck by the parallels between her story and Ellyette’s, who founded her subscription service with only $300 in the bank and a keen eye for design.
Ellyette came in asking for a $500 000 investment which would allow her to cut out middleman participation and manufacture her garments autonomously, making production more affordable. In return, she offered a 5% stake in her company.
Initially, Kendra and another Shark, Barbara Corcoran, offered Ellyette the total amount for a joint investment deal at a 20% stake.
However, after some deliberation, Kendra decided to invest the full amount for only 10%, which Ellyette joyfully accepted.
Today, with Kendra’s help, Bootaybag is valued at over $5 million and continues to grow and thrive online.
Sienna Sauce, a line of tangy hot sauces, was presented to the Season 12 Sharks by 16-year-old entrepreneur Tyla-Simone Crayton.
Kendra was immediately moved by the young girl’s story of working alongside her mother to establish a small business that would help keep the family afloat.
While Tyla-Simone initially requested $100 000 for 10% equity in her business, Kendra counter-offered the total amount for 20% equity, which she accepted.
Kendra’s motivation for higher equity stemmed from the fact that she felt she had a lot to offer the business regarding distribution and management, which would be otherwise unobtainable in such a competitive industry.
Currently, Sienna Sauce is available in over 70 stores in the US and has made lifetime sales of over $225 000 with no signs of slowing down anytime soon.
Opulence MD Beauty
Opulence MD is a line of safe, lightweight magnetic eyelash extensions developed by Dr. Anika Goodwin.
While by no means a novel product, the Sharks on Season 12 were impressed by the fact that Anika is a specialist ophthalmologist and, therefore, an expert in her field.
Kendra countered Anika’s initial ask of $75 000 for 5% equity. She offered $100 000 in exchange for a 20% stake in the company, citing her own contacts and ability to help her grow her business through her connections.
After Shark Tank, it is unknown what Kendra’s contribution has been. However, the business received lots of recognition and continues to grow and thrive today.