Kim Kardashian’s private equity firm has announced its first investment: A company that makes truffle-infused sauces that sell for about $20 a bottle.
SKKY Partners, the company she formed last year with a former executive at Carlyle Group, has acquired a “significant minority stake” in Truff sauces. The six-year-old brand has recently grown in popularity for its condiments that extends from hot sauce to mayonnaise.
In a press release Tuesday, SKKY called Truff a “premium flavor-enhancement brand” and said that its “distinctive flavor, high-quality ingredients, new product innovation and social following” have made the brand an attractive investment target.
“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,” Kardashian said. “We’re proud to be kicking off the SKKY portfolio with this investment.”
Launched in 2017, Truff has expanded beyond its direct-to-consumer model and now sells its sauces at Target, Whole Foods and Publix. The sauce brand has recently had high-profile collaborations with Taco Bell for a custom hot sauce and Hidden Valley for a special dressing.
The transaction also includes adding Mark Ramadan, the cofounder and former CEO of Sir Kensington’s condiments, to Truff’s board. He helped sell that brand, best known for its fancy ketchups, for a reported $140 million in 2017 to Unilever.
Financial terms of Truff’s deal with SKKY weren’t disclosed and is expected to close early next year.
SKKY’s investment is a “big vote of confidence in the business and its founders,” according to Neil Saunders, retail analyst and managing director at GlobalData Retail.
“Truff has been one of the growth stars of the consumer packaged goods world and has managed to boost its appeal and reach without sacrificing the more premium positioning of its brand,” Saunders told CNN. He added that the addition of Ramadan is a “major benefit” because of his “very strong pedigree in consumer goods.”
Kim Kardashian speaks onstage at the 2023 TIME100 Summit at Jazz at Lincoln Center on April 25, 2023 in New York City.
Jemal Countess/Getty Images for TIME
Kim Kardashian reveals the ‘magic’ of her success to CNN’s Poppy Harlow
Kardashian started SKKY in 2022 with Jay Sammons, a 16-year veteran of global private equity firm Carlyle. However, it hadn’t made any investments and had remained largely quiet on its ambitions until now.
SKKY said in a release that the firm’s “primary focus is on identifying culturally relevant brands that forge deep emotional connections with their target consumers and offer those consumers coveted products and services.”
Investment targets include companies in health and wellness, food and beverage as well as apparel.
Kardashian’s business expertise extends beyond private equity. Skims, her underwear and apparel brand, recently launched a line for men. Expanding beyond a customer base of women is a possible prelude to an initial public offering for the company; however, nothing has officially been announced.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
