Kim Kardashian Set To Launch Private Equity Firm SKKY With Goals To Invest In Consumer & Media Businesses
Kim Kardashian has another business to add to her entrepreneurial resume.
According to reports, SKIMS founder Kim Kardashian and former partner at Carlyle Group Inc. Jay Sammons, are launching a private equity firm called SKKY. The new firm will be ideally for investments in sectors such as consumer products, hospitality, luxury, digital commerce and media.
Jay Sammons, who helped buy the rights to six Taylor Swift albums, contacted Kim Kardashian to begin their business venture together. Jay Sammons and his team earned a two million dollar bonus for helping Carlyle meet diversity, equity, and inclusion goals last year. With that being said he will be in charge of running the day-to-day operations. Kardashian shared that she plans on using her knowledge as an entrepreneur to help the business grow. The 41-year-old said:
“The exciting part is to sit down with these founders and figure out what their dream is.”
The reality star continued:
“I want to support what that is, not change who they are in their DNA, but just support and get them to a different level.”
The business pair stated that they will begin fundraising from institutional investors and put together their business investments before the year is over. SKKY will be based in cities Boston and Los Angeles where Sammons and Kardashian resides. In an interview, Sammons shared that his new partnership is ideal because of his financial background complimenting Kardashian’s recognition and social influence. He said:
“Having built businesses themselves as true entrepreneurs is a very differentiated approach,’ he said of the mother and daughter.”
For almost 20 years, Sammons, worked at the Carlyle Group and eventually stepped down as a partner to start his own business. He had served in the organization as head of consumer, media and retail group, and founded its employee-resource group dedicated to the LGBTQ community. Reports state that he is acknowleged for the group’s key investments in popular brands including Beats by Dre, the streetwear brand Supreme and hair-care firm Vouge International.
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