Reality television star and entrepreneur Kim Kardashian and former Carlyle Group Inc. partner Jay Sammons are launching a new private equity firm focused on investing in consumer and media businesses, according to a joint statement.
The new firm, named SKKY Partners, will invest in sectors including consumer products, hospitality, luxury, digital commerce and media, and plans to make both controlling and minority investments.
Kardashian and Sammons will serve as co-founders and co-managing partners, with Sammons leading the day-to-day operations of the firm.
Read more: Kanye West says pornography destroyed his family, admits he’s addicted to it: ‘Hollywood is a giant brothel’
Kardashian has found success in her recent business ventures such as shapewear label Skims and makeup brand KKW, thanks to her popularity with young shoppers and the TV personality’s huge social media following. Skims was valued at $3.2 billion in January.
The launch of a private equity firm by the Kardashians also marks a sweeping shift among famous Hollywood celebrities including Leonardo DiCaprio, Ashton Kutcher and Gwyneth Paltrow, who are turning to prolific investors in the private equity and venture capital sector.
Tennis star Serena Williams raised $111 million in March for her new early-stage venture capital firm, Serena Ventures. The firm has invested in more than 50 companies with a total market value of $14 billion, including online learning platform Masterclass and tech company Propel.
Earlier on Wednesday, the Wall Street Journal reported the launch of the private equity firm.
Little time to read?
Try Quick Read
-
Juvenile gunman in custody after shooting spree in US. they recorded it on facebook
Police said on Wednesday that a 19-year-old man involved in multiple shootings in the city of Memphis in the US state of Tennessee has been taken into custody. The suspect, who was identified as Ezekiel Kelly, is now in custody. “The suspect is in custody,” the Memphis Police Department said on Twitter. “The shelter in place has been removed.” US media reports said several people were shot at multiple locations and the suspect was live-streaming the violence on Facebook.
-
WATCH: Barack Obama is back in the White House. more fun this time
Former United States President Barack Obama and First Lady Michelle Obama received their official portraits of the White House on Wednesday in a ceremony filled with light-hearted and provocative moments. Barack Obama was portrayed by Robert McCurdy, while Michelle Obama was portrayed by Sharon Sprung. Barack Obama joked that Robert McCurdy “refused to hide any of my gray hair.” Saying that the artist even refused to cut Obama’s ears.
-
China’s mega-city of 21.2 million people lifts Covid curbs with 116 cases
Chengdu, the capital of the southwestern Chinese province of Sichuan, imposed a lockdown in most of its districts on Thursday, hoping to prevent further transmission of COVID-19 cases in the city of 21.2 million people. Read more: China’s zero covid policy is not working. Officials said sixteen of the 23 districts, cities, counties and special areas under Chengdu’s jurisdiction remain closed.
-
Now in the arsenal of Ukraine, the most accurate American artillery shot: what does it mean
The Pentagon has sent its most accurate artillery shell, the GPS-guided Excalibur, to Ukraine, according to budget documents that confirm a previously unannounced addition to the arsenal it has assembled to counter the Russian offensive. A satellite-guided weapon that can hit within seven feet (two meters) of its target, the Excalibur was first used in Iraq in the high-profile killing of al-Qaeda leader Abu Jurah and associates in 2007.
-
Cuban researchers struggle to save rare crocodile species. why is it important
Cuban researchers are sweating it out to save a critically endangered and endemic crocodile species. The medium-sized species is found in two marshy habitats: the palm-spotted Zapata and the Isle of Youth. According to scientists, the Cuban crocodile now has the smallest natural habitat of any living crocodile species. But researchers are now trying to “bring them back from the edge of extinction.”