Reality TV star and entrepreneur Kim Kardashian and a former Carlyle Group Inc associate, who controversially helped buy the rights to six Taylor Swift albums, are launching a new private equity firm.
The new company to be launched by Kardashian and Jay Sammons will be called SKKY Partners and will focus on investments in sectors including consumer products, hospitality, luxury, digital commerce and media, The Wall reported. StreetJournal.
Sammons, who won a $2million bonus for helping Carlyle achieve its diversity, equity and inclusion goals last year, said he reached out to Kardashian about starting the business venture where he will direct day-to-day operations.
SKKY plans to make both control and minority investments in businesses, with Kardashian saying she wants to bring her own experience as an entrepreneur to help businesses thrive.
“What’s exciting is sitting down with these founders and finding out what their dream is,” Kardashian told the WSJ. “I want to support what it is, not change who they are in their DNA, but just support them and take them to a different level.”
The Kardashians’ latest business venture comes as Kourtney faced backlash for signing on as a ‘sustainability ambassador’ for fashion brand BooHoo despite the family’s reputation for excess.
Kim Kardashian (left) is set to launch private equity firm SKKY with her partner Jay Sammons (right) to invest in consumer and media companies
While Sammons handles day-to-day operations, Kardashian will serve as the face of the company and use her influence to win investors and build businesses. Pictured: Kardashian showing off a Skims outfit, with her company valued at over $3 billion
Sammons, a former Carlyle Group Inc partner, is known for investing in Beats by Dre and streetwear brand Supreme, and also controversially backed Scooter Braun in his bid to buy the rights to six Taylor Swift albums. .
Sammons, who said he’s known the Kardashian for years, said he approached Kardashian and her mother, Kris Jenner, earlier this year to pitch the business idea.
Jenner, who is her daughter’s manager and oversees the family business, would join SKKY as a partner.
Sammons and Kardashian told the WSJ they would begin raising funds from institutional investors and plan to make their first business investments before the end of the year.
The company will be based in Boston, where Sammons lives, and Los Angeles, where Kardashian lives.
Both declined to provide details on the amount of funds they plan to raise.
Sammons told the WSJ he thinks the new partnership is the ideal venture, with him bringing his financial background to complement Kardashian and Jenner’s name recognition and social influence.
“Having built businesses themselves as true entrepreneurs is a very differentiated approach,” he said of mother and daughter.
Sammons controversially backed Scooter Braun in his bid to buy the rights to six Taylor Swift albums, forced the artist (above) to start re-recording
Sammons, who worked at the Carlyle Group for nearly two decades, resigned as a partner last month to start his own business.
He had served as head of Carlyle’s consumer, media and retail group, and founded its employee resource group dedicated to the LGBTQ community.
He is best known for the group’s key investments in popular brands, such as Beats by Dre, streetwear brand Supreme and hair care company Vouge International.
He was involved in the band’s controversial bet on Scooter Braun’s Ithaca Holdings LLC, which won ownership of six Taylor Swift albums that forced the artist to start re-recording.
Before moving to Boston, Sammons lived in New York with her husband and two sons.
Kardashian’s shapewear brand Skims was valued at $3.2 billion in January
She also launched a new makeup brand, KKW, which gained popularity.
Kardashian has found success in her recent business ventures such as shapewear brand Skims and makeup brand KKW due to their popularity with younger shoppers and the TV personality’s huge popularity on social media. Skims was valued at $3.2 billion in January.
The celeb also has stakes in her KKW Fragrance brand and the family’s Dash Boutique clothing line, which has locations in California, Florida and New York.
Thanks to the success of the clothing and makeup line, Kardashian officially became a billionaire last year, Forbes reported, thanks to cash assets, investments and real estate.
While Kardashian sees a boost in her business ventures, her older sister Kourtney has experienced a bump following her partnership with British retailer BooHoo.
Kourtney Kardashian’s appointment as sustainability ambassador for fast fashion brand BooHoo has come under fire on social media
Laugh: After the collaboration was announced, social media swelled, highlighting the Kardashian family’s reputation for excess
The American reality star, 43, was announced as the UK-based fashion retailer’s new ambassador on Tuesday, joining the brand in a partnership focused on sustainable and conscious practices that will see the launch of two collections of 46 pieces in limited edition.
After the collaboration was announced, social media swelled, highlighting the Kardashian family’s reputation for excess, while some criticized Boohoo for using the association of celebrities to “varnish” its reputation, following public criticism of its business practices.
Boohoo was named one of the least sustainable fashion brands by the UK Parliament’s Environmental Audit Committee in 2019.
The brand later promised it had a “clear strategy” to be more sustainable, but many netizens said a partnership with the notorious Kardashians was not the way to go.
One tweeter summed it up as follows: “A Kardashian on a private jet worth $65 million is now a ‘sustainability ambassador’ for fossil-fuel fashion brand boohoo, where she will chat ‘with experts in sustainability to better understand the challenges and opportunities of the fashion industry. We absolutely cannot.’
Kim Kardashian to launch private equity firm SKKY to invest in consumer and media companies