Kim Kardashian is a billionaire of gratitude to her beauty and shapewear brands. She has teamed up with a former Carlyle Group Partner on a new private equity company.
Jay Sammons, former head of consumer media, retail, and media at Carlyle, was the first to tell the Wall Street Journal all about SKKY Partners’ launch, a play on Kardashian’s initials.
Sammons informed the Journal that Kardashian’s mother, Kris Jenner, would be a partner in the firm. However, Kardashian and Sammons did not discuss the expected fund size or other investors.
SKKY will invest in luxury, digital, media, and consumer companies, according to an Instagram post.
According to the Journal, Sammons, who this Summer left Carlyle (one of the largest private equity firms in the world), will now oversee SKKY’s operations.
SKKY didn’t immediately respond to Forbes’s request for comment.
We believe Kardashian’s net worth is $1.8 billion, mainly due to her stakes at KKW Beauty and Skims. Forbes was the first to call Kardashian, a millionaire in April 2021. Kardashian is the daughter of several successful entrepreneurs. Her estranged husband Kanye is worth $2B, and her half-sister Kylie Jenner and Kris Jenner are worth $600 Million and $230 Million, respectively.
Kardashian is the latest celebrity who has launched her venture capital or private equity firm. She follows Jay-Z, Ashton Kutcher, and the athletes Serena Williams and Kevin Durant. Kardashian, a long-standing reality TV star and one of the most shadowed figures on social media, has turned her fame into lucrative endorsement deals. She launched KKW Beauty in 2017 and Skims clothing brand in 2019. The January round valued skims at $3.2billion, which makes Kardashian’s 35% share in the company more than $1 billion. Kardashian declared that KKW Beauty would close in July. It stated it was planning to rebrand. In June, she launched a high-end skincare line, SKKN by Kim, in collaboration with avec Coty. The 20% stake was purchased in KKW Beauty in 2020 at $200 million.
Kardashian announced in December that she passed California’s “Baby Bar” exam. This is a mandatory test for those aspiring lawyers who have not attended accredited law schools. Kardashian’s father, Robert Kardashian, was a defense lawyer representing O.J. Simpson’s murder trial. Simpson is currently an apprentice at a San Francisco legal firm.