Silpada Designs Inc. sees a silver lining to the current recessionary cloud.
The Lenexa-based company designs sterling silver jewelry, which it sells through a network of independent sales representatives.
Silpada, founded in 1997 by Bonnie Kelly and Teresa Walsh, had three employees, 14 sales reps and $95,000 in retail revenue its first year. CEO Jerry Kelly, Bonnie Kelly’s husband, said it now has about 340 employees at its Lenexa headquarters, 30 more in Toronto and about 30,000 independent sales reps, and it projects 2009 revenue of nearly $300 million, up from about $280 million in 2008.
“We’re still a relatively young company by industry standards and still growing,†he said. “With our product niche and price points, we’ve grown each year of our existence. Particularly now, with this economy, people are looking for supplemental income. Now we’re finding that there’s a great deal of interest in direct sales, particularly companies with products with niche markets at prices that offer value to the customer.â€
Screenshot from Silpada Designs