Kim Kardashian launches private equity firm SKKY Partners with Carlyle Group exec embroiled in Scooter Braun scandal
LOS ANGELES, CALIFORNIA: Kim Kardashian, a reality TV personality and businesswoman, is establishing a new private equity company with a former partner at Carlyle Group Inc. who is infamous for controversially helping Scooter Braun to purchase the rights to six Taylor Swift albums.
The new company that Kardashian and Jay Sammons are starting will be called SKKY Partners and will concentrate on investments in several industries including media, hotel, luxury goods, and consumer goods, according to the Wall Street Journal. Sammons, who was a member of a group that received a $2 million bonus for aiding Carlyle in achieving its diversity, equality, and inclusion objectives the previous year, said he approached Kardashian to launch the company, where he will oversee day-to-day operations.
Introducing SKKY Partners, a private equity firm co-founded by Kim Kardashian and Jay Sammons that focuses on both control and minority investments in high-growth, market-leading consumer and media companies. pic.twitter.com/hstLMRjFeo— SKKY Partners (@SKKYPartners) September 7, 2022
SKKY intends to invest in firms as both a controlling and a minority stake holder. Kardashian claims she will use her experience as an entrepreneur to assist the ventures succeed.
"The exciting part is to sit down with these founders and figure out what their dream is," Kardashian told the The Wall Street Journal. "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 Kardashians' most recent business endeavour comes as Kourtney faces criticism for agreeing to serve as a "sustainability ambassador" for the BooHoo clothing line, despite the family's well-known penchant for excess.
Sammons, who claimed to have known the Kardashians for many years, claimed to have approached Kris Jenner, the mother of the Kardashians, early this year to present the business concept. Jenner, who manages her daughter and runs the family company, will allegedly become a partner in SKKY. According to Sammons and Kardashian, they will begin soliciting institutional investors and aim to make their first company investments before the year is over.
Sammons resides in Boston, and Kardashian, who resides in Los Angeles, will serve as the firm's bases of operations. Both parties choose not to go into specifics about the amount of money they plan to raise. According to Sammons, who is bringing his financial expertise to complement Kardashian and Jenner's brand awareness and social reach, the new relationship is the "perfect business."
"Having built businesses themselves as true entrepreneurs is a very differentiated approach," he said of the mother and daughter. Sammons, who spent almost two decades working for the Carlyle Group, left his position as a partner last month in order to launch his own businesses. He established Carlyle's LGBTQ-focused employee resource group while serving as the company's head of the consumer, media, and retail business. He is well recognised for the company's significant investments in well-known brands including Beats by Dre, Supreme, and the hair care company Vogue International. He took part in the contentious wager the group made on Scooter Braun's Ithaca Holdings LLC, which gained possession of six Taylor Swift albums and compelled the singer to begin re-recording them. Sammons resided in New York City with his husband and two boys before relocating to Boston.