Kim Kardashian to launch private equity firm SKKY

The Influencer of Wall Street! Kim Kardashian launches private equity firm SKKY with Carlyle group partner who controversially helped Scooter Braun buy rights to six Taylor Swift albums and earned $2m bonus for hitting woke goals last year

• Kim Kardashian and Jay Sammons are set to launch the private equity firm SKKY to invest in consumer and media businesses 
• Sammons, a former partner at the Carlyle Group Inc., controversially backed Scooter Braun in his bid to buy the rights to six Taylor Swift albums
• Last year, Sammons also earned $2 million in bonuses for helping firm meet its diversity, equity and inclusion goals over the past decade 
• Sammons said he reached out to Kardashian and mother Kris Jenner earlier this year to pitch the business idea with the celebrities as the face of the operations 

Reality television star and entrepreneur Kim Kardashian and a former partner at Carlyle Group Inc, who controversially helped buy the rights to six Taylor Swift albums, are launching a new private equity firm. 

The new firm to be launched by Kardashian and Jay Sammons will be named SKKY Partners and focus on investments in sectors including consumer products, hospitality, luxury, digital commerce and media, the Wall Street Journal reported.

Sammons, who earned a $2 million bonus for helping Carlyle meet diversity, equity and inclusion goals in the past decade, said he reached out to Kardashian to start the business venture where he will run the day-to-day operations.   

SKKY plans to make both control and minority investments in companies, with Kardashian saying she wants to bring her own background as an entrepreneur to help the businesses thrive

‘The exciting part is to sit down with these founders and figure out what their dream is,’ Kardashian told the WSJ. ‘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.’ 

Kim Kardashian (above) is set to launch the private equity firm SKKY with partner Jay Sammons to invest in consumer and media businesses

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 serves as her daughter’s manager and oversees the family business, will reportedly join SKKY as a partner. 

Sammons and Kardashian told the WSJ that they will start fundraising from institutional investors and plan to make their first business investments before the end of the year. 

Both declined to provide details on how much funds they expect to raise. 

Kardashian has gained success in her recent business ventures such as shapewear label Skims and makeup brand KKW due to their popularity with young shoppers and the TV personality’s huge social media following. 

Skims was valued at $3.2 billion in January.

This is a developing story. 

Source: Read Full Article