Business Of Stars – Kim Kardashian: Her New Private Equity Firm
At a steady pace, Kim Kardashian continues to grow her businesses. The Kardashians family reality shows have taught us a lot about her life. It’s impossible to keep up with the Kardashians, but she always surprises us with her new business ventures.
This time the famous star, along with Jay Sammons, a former executive of the Carlyle Group, entered the “world” of private equity. The two founded SKKY Partners, which focuses on investing in and building consumer and media businesses.
SKKY will invest in high-growth businesses in various sectors, such as consumer products, hospitality, luxury goods, and media. According to recent reports, the fund has yet to start raising money, and SKKY has revealed little about its future goals. However, the two business partners, Jay Sammons and Kim Kardashian, said in an interview that SKYY would invest in companies by taking full control or a minority stake. Kim Kardashian clarified that she wants to support the dreams of business founders and help them as much as possible in their efforts.
If you want to know more about Sammons, let us inform you that he is known for investing in top brands such as Beats by Dre and Supreme. He left Carlyle in the summer after 16 years with the firm. Sammons has been on friendly terms with the Kardashian family for years. Sammons reached out to Kardashian and her mother and manager, Kris Jenner, to move forward with their new business plan. Kris Jenner, who has taken over as her daughter’s manager and oversees the family’s businesses, will join SKKY as a partner. But what will Sammons’ role be? Well, he will offer his financial and investment knowledge, and Kim Kardashian will offer her the ability to grow companies with the help of her global influence.
It is worth noting that the value of the underwear company Skims, which Kim Kardashian launched in 2019, is estimated at 3.2 billion dollars. The company raised $240 million in the latest round of funding from hedge fund Lone Pine Capital. Simultaneously, the famous star launched her own skin-care line, SKKN BY KIM, this year.
Kim’s fortune is estimated at $1.8 billion. She is considered one of the smartest entrepreneurs in her field and has proven many times that she knows how to make money and works hard for it. How did she begin making business contacts? At 16, her father, Robert Kardashian, made her sign a contract that if she crashed her car, she would have to pay for it herself, as it happened. It was the moment she met the “world” of eBay and loved shopping. Her father helped her buy five pairs of Manolo Blahniks for $700 each, which she sold for $2,500 each. Films, magazine covers, and reality shows followed that made her and the rest of the family known worldwide.
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