Kim Kardashian ventures into private equity with new company

The reality TV star co-founded SKKY Partners with Jay Sammons to invest in consumer products, e-commerce, hospitality and luxury

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Billionaire reality television star and businesswoman Kim Kardashian has co-founded a private equity company that will focus on sectors including consumer products, digital and e-commerce, consumer media, hospitality and luxury, according to a tweet she posted on Wednesday.

Kardashian, who has an estimated net worth of $1.4 billion, co-founded SKKY Partners with Jay Sammons, the former New York-based global head of consumer, media and retail at the Carlyle Group, one of the world's largest private equity companies with $376bn of assets under management.

Her mother, Kris Jenner, will be a partner in the company.

“I’m pleased to announce the launch of @SKKYPartners with private equity veteran Jay Sammons as co-founder and co-managing partner, along with @KrisJenner who will serve as partner at our firm,” Kardashian said in the tweet.

“Together we hope to leverage our complementary expertise to build the next generation Consumer & Media private equity firm.”

SKKY Partners' website currently has no information except for contact details. However, visitors to the website can sign up to receive email updates.

The majority of Kardashian's net worth derives from equity stakes in KKW Beauty, a direct-to-consumer cosmetic and fragrance company, and Skims, her shapewear business, according to Forbes magazine.

However, endorsements, appearance fees, her salary from reality TV show Keeping Up with the Kardashians and paid Instagram sponsorships also contribute to Kardashian's annual earnings that total an estimated $50 million to $80m per year, according to wealth tracking website Celebrity Net Worth.

In 2020, Kardashian sold 20 per cent of KKW Beauty to Coty, the French-American multinational beauty company, for $200m in a deal that valued the company at $1bn, it said.

“In 2019, she raised $5m from venture capital firm Imaginary Ventures to launch a line of shapewear called Skims. In 2021, Skims raised $154m at a valuation of $1.6bn. Even after the massive financing round, Kim remained the majority owner,” Celebrity Net Worth said.

Meanwhile, Mr Sammons left Carlyle in July to “start a new venture that will make investments in the consumer sector”, Bloomberg reported on August 8.

Mr Sammons joined Carlyle in 2006 and worked on investments in companies including Beats Electronics, Beautycounter, Vogue International, Supreme and Grupo Madero, it said.

Updated: September 07, 2022, 11:49 AM
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