Good morning, Broadsheet readers! News veteran Campbell Brown is leaving Meta, broadcaster Gretchen Carlson is creating an index to protect women from potentially abusive employers, and we have the exclusive story on Kim Kardashian’s new private equity firm. Have a wonderful Wednesday!
– Star power. One year ago, Kim Kardashian made a surprising announcement. The entrepreneur, influencer, and reality TV star said she was launching a private equity firm.
Most people would agree—a private equity firm is a significant endeavor. Unlike a brand deal or an angel investing check (a more common celebrity move), a PE firm requires a yearslong time commitment, operational resources, and significant funding. But for those paying close attention to Kardashian’s rise in business, the announcement wasn’t so surprising—she doesn’t do things halfway. “I wouldn’t be involved in anything if it wasn’t fully hands-on,” she tells me.
In the new issue of Fortune—our annual Most Powerful Women issue—I profile Kardashian as she gets SKKY Partners off the ground. Our digital cover story is the first in-depth feature about SKKY since its formation last year.
Her partner in the firm is Jay Sammons, a 16-year veteran of Carlyle known for his deals with the brands Supreme and Beats by Dre. With additional expertise from senior advisers Kris Jenner, Kardashian’s mother and manager, and Angela Ahrendts, the former Apple SVP and Burberry CEO, Kardashian and Sammons have a plan to help build the next generation of consumer brands. (Ahrendts talks about her decision to join the firm—her “natural next step”—here.)
While some might be skeptical of a reality star-backed private equity fund, Kardashian’s expertise sets her up well to shape the consumer landscape. Skims, her apparel brand, is now valued at $4 billion. Even before Skims’ success began to convince skeptics to take Kardashian’s business bona fides seriously, she displayed a savvy understanding of the modern consumer. An early Twitter adopter, she turned to followers as her own focus group, gaining granular consumer insights that helped her understand what consumers wanted.
Kardashian and Sammons plan to invest in categories where she has particular expertise, like fashion and beauty, but they’re also considering food and beverage and hospitality, among others. More than six months into fundraising, with a reported target fund size of $1 billion, they haven’t closed their first deal yet but are getting closer.
With SKKY, Kardashian aims to cement her legacy in business as a trendsetter and operator who can apply her skills not just to her own family, but to a new cohort of founders who don’t have the built-in advantage of a famous name.
Read my full feature in the October/November issue of Fortune and online here.
Emma Hinchliffe
emma.hinchliffe@fortune.com
@_emmahinchliffe
The Broadsheet is Fortune’s newsletter for and about the world’s most powerful women. Today’s edition was curated by Joseph Abrams. Subscribe here.
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ON MY RADAR
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PARTING WORDS
"It breaks my heart to hear a girl come up to me and say, ‘I was so close to taking my life, but when I watched your documentary, I couldn’t imagine doing that anymore.’ That’s the coolest gift."
—Selena Gomez on the responsibility she feels helping women and girls struggling with mental health like she did
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