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Fortune
Fortune
Sydney Lake

Why jeweler Kendra Scott is winning affordable luxury and plans to open dozens of stores while others are downsizing

Kendra Scott CEO Tom Nolan (Credit: Photo courtesy Kendra Scott)
  • Kendra Scott CEO Tom Nolan shared in an interview with Fortune his company’s expansion plans for 2025, made possible by owning the affordable luxury jewelry space. Nolan also pointed to his success working with the namesake founder of the company.

While consumers undoubtedly witnessed the pinnacle of store closures during the pandemic, 2024 and early 2025 have seen additional shutterings. Pharmacies, department stores, and niche retailers closed down locations as leadership changes, inflation, and consumer confidence plagued their bottom lines.

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