Kim Kardashian’s private equity firm SKKY Partners has announced its first investment. SKKY Partners will have a minority stake in the luxury condiments brand TRUFF after the deal closes in Q1 of 2024.
Last year, Kardashian co-founded SKKY Partners alongside Jay Sammons, a former executive at Carlyle Group.
Previously, Sammons led investments into renowned brands such as Beats by Dre and Supreme. Kardashian, who is described as a “global influencer, entrepreneur and icon” on the SKKY Partners website, stated that she was “proud to be kicking off the SKKY portfolio with this investment”.
This agreement aligns with SKKY Partner’s strategy to invest in market-leading next-generation consumer brands and media companies.
TRUFF, founded in 2017 by Nick Ajluni and Nick Guillen, offers a range of truffle-infused condiments including hot sauce, pasta sauce, mayonnaise, salt and oil. Rapidly expanding, their products are on offer in 20,000 stores such as Whole Foods and Target and they have partnered with Taco Bell and The Super Mario Brothers Movie.
The decision to invest in TRUFF is in keeping with the luxury and high-brow brand the Kardashian-Jenner family has cultivated with their other brands.
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SKKY Partners’ focus will be on market-leading consumer brands similar to TRUFF. Kim Kardashian stated publicly that “TRUFF is exactly the kind of business that embodies what we were looking for when we founded SKKY – a next-generation brand with a deep, authentic connection with consumers and the potential for ongoing growth. Nick and Nick have singlehandedly brought truffle-infused products into the mainstream food scene and built a community around the brand that will continue to be key to its success going forward”.
Kardashian and Sammons are managing partners of SKKY Partners whilst Kardashian’s mother Kris Jenner acts as senior adviser and former senior vice president of Apple Angela Ahrendts DBE acts as senior operating officer.
The Kardashian-Jenner family has a host of successful consumer brands such as SKIMS (valued at $4bn), Kylie Cosmetics, 818 Tequila, SKKN by Kim and Good American. Kardashian told Bloomberg at a private equity conference earlier this year, that her experience starting businesses and taking investment from firms sets her and SKKY partners from other firms as she understands the experience of a founder wanting to grow their company. SKKY Partners is targeting sectors such as health and wellness, food and beverage, apparel, accessories, footwear, luxury, beauty, personal care, leisure, and restaurants for investment.
Kardashian’s move into the world of finance represents a growing trend of celebrities entering the world of investment, private equity and wealth management.