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 businesses.
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 started Skims Body Inc, an undergarment and apparel line. Early this year, a funding round led by Lone Pine Capital was able to raise $240 million, bringing the company’s valuation to a handsome $3.2 billion.
Sammons, meanwhile, ran consumer investing at Carlyle before he left at the end of July after 16 years with the firm. His claim to fame is made up of investments in premium consumer brands like Beats By Dre and Supreme. He will be running the day-to-day operations of the firm.
According to a report by the Wall Street Journal, Sammons, who said that he’s had a relationship with the Kardashians for years, reached out to Kardashian and her mother, Kris Jenner, about starting the company early in the year. Jenner, who also serves as Kardashian’s manager and overseer of the family’s ventures, will join the firm as a partner.
SKKY intends to make both control and minority investments in businesses 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 that they will begin fundraising soon. They did not share details on the target size of the fund.
Information for this briefing was found via the Wall Street Journal and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
