Socialite and billionaire Kim Kardashian announced Tuesday that she is launching a private equity firm, SKKY Partners.
Kardashian’s mother, Kris Jenner, and 16-year veteran of The Carlyle Group, Jay Sammons, will join SKKY as partners in the venture, according to The Hollywood Reporter. The firm will be to invest in and build consumer and media businesses and branch out into hospitality, luxury, digital commerce, and entertainment businesses, the Wall Street Journal reported.
Kardashian tapped Sammons as co-founder and co-managing partner in an early morning Twitter post on Tuesday.
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. pic.twitter.com/KExQTsVGbf
— Kim Kardashian (@KimKardashian) September 7, 2022
SKKY is expected to blossom thanks to Sammons’ previous financial and operational experience with brands like Beats By Dre, the WSJ noted. Jenner and Kardashian’s “global reach and unrivaled social influence” will support much of the rest of the operation, THR continued. The firm will take controlling and minority stakes in various target companies, the WSJ noted. (RELATED: Hillary, Babe, No One Wants To Get Intimate With You, Even If Kim K Is There Too)
“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 in a statement reported in THR. “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.”