Kim Kardashian and Jay Sammons are launching a new private equity firm focused on investing in and building consumer and media companies.
The 41-year-old star is joining forces with her former Carlyle Group partner to launch SKKY Partners, they said in separate interviews. SKKY will invest in sectors such as consumer products, hospitality, luxury, digital commerce and media, as well as consumer media and entertainment businesses.
Kim Kardashian, best known for her appearances on the reality shows ‘The Kardashians’ and ‘Keeping Up With the Kardashians’, has steadily developed her own business empire over the past few years.
2019-launched underwear and apparel business SKIMS was valued at $3.2 billion in January, and this year launched a skincare line, SKKN BY KIM.
Known for his investments in brands such as Beats By Dre and Supreme, Jay Sammons left Carlyle at the end of July after more than 16 years with the firm.
He explained that he approached Kim Kardashian and her mother, Kris Jenner, about starting the company earlier this year, adding that he has had a relationship with them for years. Kris Jenner, who serves as her daughter’s manager and oversees the family business, will join SKKY as a partner, Jay Sammons said.
SKKY will make investments in companies, either by taking full control or a minority stake.
“The exciting thing is to sit down and figure out what their dream is,” Kim Kardashian said. “I want to support what they are, not change what’s in their DNA, but just support them and take them to a different level.”
SKKY has yet to make any investments, but plans to make the first one before the end of the year, he added. The company’s founders have not started fundraising, but plan to soon, with the two partners declining, however, to provide details on the budget.
The former Carlyle investor will take over the day-to-day operations of the company, which will be based in Boston, where he lives, and Los Angeles, where Kim Kardashian lives.
With information from the Wall Street Journal
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