Kim Kardashian demoted from private equity firm SKKY for disappointing fundraising numbers
Kim Kardashian is a billionaire and business mogul, but is her reign of influence coming to an end? According to the private equity firm SKKY Partners, which Kardashian co-founded, Kim isn’t bringing in the numbers she used to and they have decided to call it quits.
Read more about Kim Kardashian’s demotion from SKKY here…
SKKY Parners
SKKY Partners was launched by Kim Kardashian in 2022 with former Carlyle Group global head of consumer, media and retail Jay Sammons . The Kardashians star ventured into private equity with the expectation that her success with personal brands SKIMS and KKW Beauty would translate into trust from investors.
According to their Instagram, SKKY was set to focus on both ‘control and minority investments in high-growth, market-leading consumer and media companies.’ The name recognition from the famous influencer gave Sammons the confidence to set a goal to raise at least $1 billion to buy consumer companies.
Unfortunately the reality star was unable to deliver as a partner; in fact, Kardashian came up way short…
Kim Kardashian departs private equity firm
Instead of raising a billion dollars, Kardashian was able to bring in a measly $121 million with just one deal, a hot sauce maker called TRUFF. The condiment is supposedly ‘premium’ with real black truffle in every bottle.
Disappointing fundraising numbers have lead to Kim being removed as executive officer.
Reported by Axios:
SKKY this week disclosed in securities filings that it’s only secured a few more million dollars for its flagship fund, and that Kardashian no longer is an executive officer. […] The Boston-based firm’s biggest problem is declining LP interest in consumer private equity, which is even more pronounced in a soft fundraising environment.
There are other signs that the partnership has ended, like the SKKY website now refers to Kardashian as ‘co-founder and senior operating advisor’, where she was listed as a managing partner (alongside Sammons) until recently.
Another shocking move is that Kardashian’s mother and momager, Kris Jenner, was listed on the website as a senior advisor, but has recently been removed entirely from the project.
Jenner infamously collects 10% of her daughters business dealings.
Ashley Marie is a writer for Starcasm and the personality behind Twitter’s @RealityByAshley. You can contact Ashley via Twitter or email at realitybyashley@gmail.com
