Kim Kardashian has ventured into the world of finance, launching her own private equity firm with the help of a former partner from the US powerhouse the Carlyle Group.
The billionaire reality TV star, business owner and celebrity influencer announced the move on Twitter, saying the firm, SKKY Partners, would aim to make minority investments or take controlling stakes in “high-growth, market-leading consumer and media companies”.
Along with Jay Sammons, a former executive at the private equity firm Carlyle Group, Kardashian’s firm plans to focus on consumer products, media, hospitality and luxury. It will also consider making investments in digital and e-commerce firms.
Sammons spent 16 years at Carlyle as head of its consumer, media and retail division, where he made lucrative investments in big brands including the headphones company Beats by Dre, which was founded by the rapper and producer Dr Dre.
“Together we hope to leverage our complementary expertise to build the next generation consumer and media private equity firm,” Kardashian tweeted on Wednesday.
She added that her mother, Kris Jenner, would also serve as a partner in the firm, though SKKY had yet to raise any capital to secure those investments, according to the Wall Street Journal.
Kardashian, who rose to fame alongside her family after starring in the reality TV show Keeping Up with the Kardashians, has previously run into trouble in the UK over a previous financial venture.
The then chair of the Financial Conduct Authority Charles Randell, criticized Kardashian in a speech last year after she posted a paid promotion for a token called EthereumMax to her Instagram stories, where she asked her 250 million fans: “Are you guys into crypto????” While the post was marked as an advertisement, Randell said Kardashian did not disclose that the token was created only a month earlier by unknown developers.