“Together we hope to leverage our complementary expertise to build the next generation Consumer & Media private equity firm,” Kardashian tweeted.
Kardashian’s mother, Kris Jenner, is also joining the new venture as a partner.
Boosted by hundreds of millions of social media followers, Kardashian has been on an entrepreneurial track for several years now. Skims, the undergarment and apparel business she launched in 2019, has recently been valued at $3.2 billion. A skin care line, SKKN BY KIM, followed earlier this year.
The new private equity venture is at an early stage, with its financial backing and strategy still coming into focus. While the overall economic climate has shifted over the past year, with rising interest rates, surging consumer and energy prices and other factors creating turbulence, private money remains a force in media and entertainment as well as many other sectors.
Sammons, who has spent two decades working in private equity, will run the day-to-day operations of SKKY Partners. In a tweet from its official handle, the new company said it plans to make both minority and controlling investments in a range of “high-growth, market-leading” media and consumer businesses.
“The exciting part is to sit down with these founders and figure out what their dream is,” Kardashian said in an interview with 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.”