Billionaire reality television star and businesswoman Kim Kardashian has co-founded a private equity company that will focus on sectors including consumer products, digital and e-commerce, consumer media, hospitality and luxury, according to a tweet she posted on Wednesday.
Kardashian, who has an estimated net worth of $1.4 billion, co-founded SKKY Partners with Jay Sammons, the former New York-based global head of consumer, media and retail at the Carlyle Group, one of the world's largest private equity companies with $376bn of assets under management.
Her mother, Kris Jenner, will be a partner in the company.
“I’m pleased to announce the launch of @SKKYPartners with private equity veteran Jay Sammons as co-founder and co-managing partner, along with @KrisJenner who will serve as partner at our firm,” Kardashian said in the tweet.
“Together we hope to leverage our complementary expertise to build the next generation Consumer & Media private equity firm.”
SKKY Partners' website currently has no information except for contact details. However, visitors to the website can sign up to receive email updates.
The majority of Kardashian's net worth derives from equity stakes in KKW Beauty, a direct-to-consumer cosmetic and fragrance company, and Skims, her shapewear business, according to Forbes magazine.
However, endorsements, appearance fees, her salary from reality TV show Keeping Up with the Kardashians and paid Instagram sponsorships also contribute to Kardashian's annual earnings that total an estimated $50 million to $80m per year, according to wealth tracking website Celebrity Net Worth.
In 2020, Kardashian sold 20 per cent of KKW Beauty to Coty, the French-American multinational beauty company, for $200m in a deal that valued the company at $1bn, it said.
“In 2019, she raised $5m from venture capital firm Imaginary Ventures to launch a line of shapewear called Skims. In 2021, Skims raised $154m at a valuation of $1.6bn. Even after the massive financing round, Kim remained the majority owner,” Celebrity Net Worth said.
Meanwhile, Mr Sammons left Carlyle in July to “start a new venture that will make investments in the consumer sector”, Bloomberg reported on August 8.
Mr Sammons joined Carlyle in 2006 and worked on investments in companies including Beats Electronics, Beautycounter, Vogue International, Supreme and Grupo Madero, it said.
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
If you go...
Etihad Airways flies from Abu Dhabi to Kuala Lumpur, from about Dh3,600. Air Asia currently flies from Kuala Lumpur to Terengganu, with Berjaya Hotels & Resorts planning to launch direct chartered flights to Redang Island in the near future. Rooms at The Taaras Beach and Spa Resort start from 680RM (Dh597).
The Al Barzakh Festival takes place on Wednesday and Thursday at 7.30pm in the Red Theatre, NYUAD, Saadiyat Island. Tickets cost Dh105 for adults from platinumlist.net
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Abu Dhabi GP starting grid
1 Lewis Hamilton (Mercedes)
2 Valtteri Bottas (Mercedes)
3 Sebastian Vettel (Ferrari)
4 Kimi Raikkonen (Ferrari)
5 Daniel Ricciardo (Red Bull)
6 Max Verstappen (Red Bull)
7 Romain Grosjean (Haas)
8 Charles Leclerc (Sauber)
9 Esteban Ocon (Force India)
10 Nico Hulkenberg (Renault)
11 Carlos Sainz (Renault)
12 Marcus Ericsson (Sauber)
13 Kevin Magnussen (Haas)
14 Sergio Perez (Force India)
15 Fernando Alonso (McLaren)
16 Brendon Hartley (Toro Rosso)
17 Pierre Gasly (Toro Rosso)
18 Stoffe Vandoorne (McLaren)
19 Sergey Sirotkin (Williams)
20 Lance Stroll (Williams)
SPECS
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Coming soon
Torno Subito by Massimo Bottura
When the W Dubai – The Palm hotel opens at the end of this year, one of the highlights will be Massimo Bottura’s new restaurant, Torno Subito, which promises “to take guests on a journey back to 1960s Italy”. It is the three Michelinstarred chef’s first venture in Dubai and should be every bit as ambitious as you would expect from the man whose restaurant in Italy, Osteria Francescana, was crowned number one in this year’s list of the World’s 50 Best Restaurants.
Akira Back Dubai
Another exciting opening at the W Dubai – The Palm hotel is South Korean chef Akira Back’s new restaurant, which will continue to showcase some of the finest Asian food in the world. Back, whose Seoul restaurant, Dosa, won a Michelin star last year, describes his menu as, “an innovative Japanese cuisine prepared with a Korean accent”.
Dinner by Heston Blumenthal
The highly experimental chef, whose dishes are as much about spectacle as taste, opens his first restaurant in Dubai next year. Housed at The Royal Atlantis Resort & Residences, Dinner by Heston Blumenthal will feature contemporary twists on recipes that date back to the 1300s, including goats’ milk cheesecake. Always remember with a Blumenthal dish: nothing is quite as it seems.
Straightforward ways to reduce sugar in your family's diet
- Ban fruit juice and sodas
- Eat a hearty breakfast that contains fats and wholegrains, such as peanut butter on multigrain toast or full-fat plain yoghurt with whole fruit and nuts, to avoid the need for a 10am snack
- Give young children plain yoghurt with whole fruits mashed into it
- Reduce the number of cakes, biscuits and sweets. Reserve them for a treat
- Don’t eat dessert every day
- Make your own smoothies. Always use the whole fruit to maintain the benefit of its fibre content and don’t add any sweeteners
- Always go for natural whole foods over processed, packaged foods. Ask yourself would your grandmother have eaten it?
- Read food labels if you really do feel the need to buy processed food
- Eat everything in moderation
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
