Kim Kardashian's private equity firm SKKY Partners, which she co-founded in 2022 with Jay Sammons, a former executive at the Carlyle Group, has made its first significant investment. The firm has acquired a "significant minority stake" in Truff, a brand known for its truffle-infused sauces. This investment marks SKKY Partners' entry into the business world and highlights its focus on identifying and nurturing culturally relevant and innovative brands.
Truff, established six years ago, has gained popularity for its range of premium condiments, including hot sauce and mayonnaise, retailing for around $20 a bottle. The brand's appeal lies in its unique flavor profiles, high-quality ingredients, and growing social media presence. Truff's expansion from a direct-to-consumer model to availability in major retail outlets like Target, Whole Foods, and Publix demonstrates its market growth and potential.
The collaboration with SKKY Partners includes adding Mark Ramadan, co-founder and former CEO of Sir Kensington’s condiments, to Truff’s board. Ramadan brings significant experience to the table, having successfully sold Sir Kensington's to Unilever for a reported $140 million in 2017.
While the financial terms of the deal were not disclosed, the transaction is expected to close early next year. This investment by SKKY Partners is seen as a strong vote of confidence in Truff's business model and growth potential. According to retail analyst Neil Saunders, Truff's success in the consumer packaged goods world without compromising its premium brand positioning makes it an attractive investment.
SKKY Partners aims to focus on brands that forge deep emotional connections with consumers and offer coveted products and services. The firm's investment targets span various sectors, including health and wellness, food and beverage, and apparel.
Kim Kardashian's business acumen extends beyond private equity. Her underwear and apparel brand, Skims, recently launched a men's line, indicating a strategic expansion of her business interests. This move could potentially lead to an initial public offering for Skims, although no official announcements have been made.