Kim Kardashian styles a new private equity firm
The Future. Kim Kardashian and Carlyle Group veteran Jay Sammons are joining forces to launch a private equity firm called SKKY. The new venture will focus on Kardashian’s bread and butter industries — consumer products and entertainment. While Kardashian is already a successful businesswoman in her own right, SKKY may start a trend of celebrity-fronted investment vehicles that use that celebrity to break through the marketing noise.
Keeping up with Wall Street
WSJ reports that Kim K is ready to dish out some money.
- She’s partnering with Jay Sammons, the former global head of consumer, media, and retail at Carlyle Group, to form SKKY.
- SKKY plans to invest in various industries such as “consumer products, hospitality, luxury, digital commerce and media as well as consumer-media and entertainment businesses.”
- Those investments could be either controlling stakes or minority investments, with Kardashian planning on “working closely” with entrepreneurs.
- The firm is still in the process of raising funds and exploring investment opportunities but plans to make it’s first by the end of the year.
Sammons will run the company from his home base in Boston, with another office in LA for Kardashian. Her mother and manager, Kris Jenner, will also be a partner in the firm.
While Kardashian is known mostly for her reality shows, social media stardom, and modeling, she has also built a formidable business empire.
- Her shapewear and clothing brand SKIMS was valued at $3.2 billion in January.
- In June, she partnered with beauty products company Coty to launch a skincare line, SKKN BY KIM.
Meanwhile, Sammons had a storied career at Carlyle, investing in buzzy companies such as Beats by Dre and Supreme during his 16-year tenure. He says he hopes to make similar plays with SKKY.