Business venture

Kim Kardashian announces private equity firm as latest business venture – The Whistler Newspaper

Billionaire American socialite, Kim Kardashian, has announced the launch of her new business venture, a private equity firm called ‘SKKY Partners’.

She made the announcement in an Instagram post where she added that her mother, Kris Jenner, would be associated with the firm and that it would be co-founded and co-managed by private equity veteran Jay Sammons.

“I am delighted to announce the launch of SKKY Partners with private equity veteran Jay Sammons as co-founder and co-manager, as well as Kris Jenner who will be a partner within our firm.

“Together, we hope to leverage our complementary expertise to build the next generation of Consumer & Media private equity firm,” she said in the post’s caption.

SKKY Partners intends to invest in companies specializing in consumer, digital, media, hospitality and luxury goods and services.

Kardashian’s partner in the business, Jay Sammons, is the former head of consumer, media and retail at The Carlyle Group. The Carlyle Group is an American multinational private equity, alternative asset management and financial services company with $376 billion in assets under management.

Kardashian is the latest in a growing list of celebrities to start a private equity or venture capital firm. Some other celebrities who have done it are rapper Jay-Z, tennis star, Serena Williams, and actor Ashton Kutcher.

The reality TV star has channeled her influence and fame as one of the most followed people on social media into several successful business ventures.

Some of them are; a skincare brand, SKKN by Kim launched in 2022; a shapewear brand, Skims launched in 2019; and a cosmetics brand, KKW Beauty launched in 2017.

She announced the closure of KKW Beauty in July last year, saying the company planned to change its name and return. Presumably to drop the “W” in the brand’s name, among other things, following her divorce from rapper Kanye West. Before it closed, however, French-American beauty multinational Coty had acquired a 20% stake in the company, for $200 million.

In January, shapewear brand Skims was valued at $3.2 billion, meaning Kardashian’s 32% stake is worth around $1 billion.