The first company that Kim Kardashian’s private equity business is investing in is a company that makes $20-a-bottle sauces with truffle taste.
A former executive at Carlyle Group and she started SKKY Partners last year. They have now bought a “significant minority stake” in Truff sauces. The brand, which has been around for six years, has recently become more well-known for its dressings, which include hot sauce and mayonnaise. Feel Like a Boss! Looking at Kim Kardashian on the Cover of GQ’s Men of the Year Issue!
SKKY called Truff a “premium flavor-enhancement brand” in a press release on Tuesday. The company also said that the brand’s “distinctive flavor, high-quality ingredients, new product innovation, and social following” have made it a good place to invest.
According to Kardashian, Truff is the exact type of business that they were looking for when they started SKKY: a next-generation brand with a strong, real connection with customers and the ability to keep growing. “This investment is a great way to start the SKKY portfolio,” they said. Kim Kardashian Glamorizes at the Swarovski Store Opening in New York City in a Crystal Top and Skirt
Truff began selling its sauces directly to customers in 2017, but it has since grown and is now sold at Target, Whole Foods, and Publix. Recently, the sauce brand worked with Big Name Brands like Taco Bell on a custom hot sauce and Hidden Valley on a special salad.
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As part of the deal, Mark Ramadan, who co-founded and used to run Sir Kensington’s Condiments, will also join Truff’s board. It was said that he helped sell that brand to Unilever for $140 million in 2017. The brand was best known for its fancy ketchups.
The deal between Truff and SKKY was not made public in terms of money, and it is scheduled to close early next year.
The investment from SKKY is a “big vote of confidence in the business and its founders,” says Neil Saunders, managing director and retail analyst at GlobalData Retail.
Saunders told CNN, “Truff has been one of the growth stars in the world of consumer packaged goods. It has been able to increase its appeal and reach without giving up the more premium positioning of its brand.” He also said that Ramadan was added as a “major benefit” because he has “very strong pedigree in consumer goods.”
Kardashian started SKKY in 2022 with Jay Sammons, who had worked for the global private equity company Carlyle for 16 years. It hadn’t made any purchases, though, and had mostly kept quiet about its plans until now. The NBA Has Announced a New Collaboration With Skims, Started by Kim Kardashian
In a press release, SKKY said that its “main focus is on finding culturally relevant brands that make deep emotional connections with their target consumers and offer those consumers highly sought-after goods and services.”
Companies in the health and fitness, food and beverage, and clothing industries are all good places to invest.
Kardashian knows a lot about business, and not just private equity. Skims, her brand of underwear and clothes, just released a line for guys. It’s possible that the company will go public soon after it stops focusing only on women as customers. However, nothing official has been stated yet.