Kim Kardashian is teaming up with Jay Sammons, a former partner at Carlyle Group Inc, for a new private equity firm that will invest in building consumer and media companies.
SKKY Partners is the newest addition to Kardashian’s billion-dollar business empire. Earlier this year she launched a nine-product skincare line, SKKN BY KIM, and in 2019 she launched Skims Body Inc, an underwear and apparel line. Earlier this year, a funding round led by Lone Pine Capital was able to raise $240 million, taking the company’s valuation to a handsome $3.2 billion.
Sammons, meanwhile, led consumer investment at Carlyle before leaving at the end of July after 16 years with the firm. Its fame is made up of investments in high-end consumer brands such as Beats By Dre and Supreme. He will direct the day-to-day operations of the business.
According to a report by the wall street journal, Sammons, who said he had a relationship with the Kardashians for years, reached out to Kardashian and her mother, Kris Jenner, to start the business earlier this year. Jenner, who is also Kardashian’s manager and supervisor of the family businesses, will join the firm as a partner.
SKKY intends to make control and minority investments in companies involved in consumer products, hospitality, luxury, digital commerce, media and consumer media and entertainment. The partners plan to make their first investment before the end of 2022 and said they will begin fundraising soon. They did not share details on the fund’s target size.
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