Kim Kardashian and former Carlyle Group partner Jay Sammons are launching a new private equity focused on investing and building media and consumer products companies, the Wall Street Journal reported.
Reality star Kardashian is teaming with Sammons to launch SKKY Partners which aims to invest in strategic sectors including consumer products, hospitality, luxury, ecommerce, entertainment and media.
In recent years, Kim Kardashian has expanded her business activities. In 2019, the famous reality star started the business of underwear, Skimswhich recently was valued at $ 3.2 billion. This year it launched a skin care line, SKKN BY KIMa collection of nine products.
It is also known for investing in trendy brands such as Beats By Dre and the streetwear brand Supreme.
According to the Wall Street Journal, former Carlyle Group partner Jay Sammons knows the women of the Kardashian family well and has reached out to Kim and her mother, Kris Jenner, to inform them of his new business plans. Kris Jenner, who serves as her daughter’s manager and oversees the family business, will join SKKY as a partner, Sammons said.
SKKY will carry out both control and investments in the companies
SKKY will carry out both control and minority investments in the companies. Kim Kardashian said that the idea of working closely with entrepreneurs to help them grow their businesses is what attracted her to the idea of starting SKKY. In addition, the reality star said that she will bring with her the experience gained with her entrepreneurial activities.
“The exciting part is sitting with these founders and understanding what their dream is”, Kardashian says. “I want to support who they are, not change their DNA, but simply support them and take them to another level.”
As anticipated by Kardashian, SKKY (which has not yet made any investment), plans to make the first by the end of the year. Furthermore, the founders of the company have not yet started raising funds, but they plan to do so soon. Sammons and Kardashian declined to provide details on the expected size of the fund.
Carlyle’s former investor will manage the day-to-day operations of the Boston-based company, where Simmons lives, and Los Angeles, where Kim Kardashian lives.
Sammons, who spent two decades in the private equity industry, said the union with Kim allows the couple to leverage their complementary skills: for him, the finance and investment side, and for her, the ability to expand. companies due to its global reach and social influence.