Kim Kardashian launches new investing firm
Kim Kardashian has co-founded SKKY Partners, with plans to make both control and minority investments in the next generation of consumer and media companies.
In addition to leveraging Kardashian's global reach and social media influence, SKKY Partners has the expertise of Jay Sammons who was most recently Carlyle Group's global head of consumer, media and retail.
Together, the two plan to invest in and build growth-oriented consumer and media companies, specifically targeting consumer products, digital and e-commerce, consumer media and entertainment, hospitality and luxury sectors.
"The founders' understanding of the power of great brands, social influence, globalisation and the importance of environmental, social and governance excellence will enable SKKY Partners to elevate and leave each company in which it invests better than it was before," a statement reads.
Kardashian and Sammons will serve as co-founders and co-managing partners, while Kris Jenner will serve as a partner.
Sammons, who spent more than 16 years at Carlyle, will lead day-to-day operations, originating investment opportunities and managing the team, and Jenner will also identify investment opportunities and drive strategy.
"I'm excited to launch SKKY Partners to invest in the next generation of consumer brands, leveraging my experience founding and building global businesses and partnering with innovative companies to help them grow," Kardashian said.
"I look forward to working closely with Jay and our team to identify distinctive investment opportunities and build the firm's portfolio of world class companies for our investors."
Meanwhile, Sammons commented: "I have been privileged to spend my career partnering with the founders and leaders of some of the most influential and culturally groundbreaking consumer brands of our time."
"Now, in partnership with Kim and Kris, I look forward to building SKKY into the leading private equity firm that backs the next generation of innovative, disruptive consumer businesses and brands."
Kardashian herself is the owner of several successful consumer brands, including her shapewear and loungewear brand SKIMS which was valued at about US$3.2 billion this year.
One of the investments Sammons made over the years at Carlyle was Beats Electronics which developed Beats by Dre headphones. That company, along with the Beats brand, was sold to Apple in 2014 for US$3 billion.
This article first appeared on Financial Standard
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