Why Apple alum and ex-Burberry CEO Angela Ahrendts decided to join Kim Kardashian’s new private equity firm
Angela Ahrendts has had a storied career in business. The former CEO of Burberry made the leap to tech in 2014 when she became Apple’s SVP of retail. In 2019, she stepped down from the tech giant.
The jump from luxury to tech was a big one. The executive’s latest move may seem just as surprising. In August, Ahrendts announced her plans to join SKKY Partners, a new private equity firm, as a senior operating adviser. SKKY isn’t a typical firm; it was formed a year ago by Kim Kardashian, the entrepreneur and influencer, and Jay Sammons, a veteran of the private equity industry.
SKKY is more than six months into fundraising, targeting a reported $1 billion fund size. It hasn’t closed its first deal yet, although it’s narrowed in on a few options, as a new Fortune profile of Kardashian reports. Ahrendts’s expertise may help the firm make that all-important choice of its first deal.
Kardashian and Sammons approached Ahrendts, 63, several months ago. After stepping down from full-time executive roles, Ahrendts was considering what to do in her next chapter. She already serves on three commercial boards (Airbnb, Ralph Lauren, and WPP) and five nonprofit boards (one, Save the Children, she chairs) and she wasn’t short on offers to do more.
“I’ve always been about making an impact. In this phase of life, to me, that’s what it’s about,” Ahrendts says. “I don’t believe in retirement. But I do like to align myself with companies whose mission, purpose, and values are aligned, where I think they can make a significant impact in the world.”
SKKY’s pitch fell into that category for Ahrendts. She first met with Kardashian in Kardashian's Calabasas, Calif., office. They discussed business advice, like the different teams and skills required to get a startup to $100 million in revenue, and from there to the next milestone of $1 billion. They also bonded over kids, family, and hip surgery—Ahrendts had just had the surgery and so had Kris Jenner, Kardashian’s mother and manager and another SKKY senior adviser.
Ahrendts was impressed by Kardashian, who has built her shapewear and apparel brand Skims into a business valued at $4 billion. “She’s a very proven business executive,” Ahrendts says of Kardashian. “She cares deeply,” she adds.
SKKY’s pitch is that the firm combines Kardashian’s experience in consumer brands, her understanding of modern consumer platforms, and her influence and reach with Sammons’ expertise in consumer investing; the Carlyle alum is known for deals backing the brands Supreme and Beats by Dre. The duo is aiming to build the next generation of consumer brands, helping companies on the cusp of blockbuster success to reach new heights. The firm also says it prioritizes building brands with a positive impact on society and culture, which resonated with Ahrendts.
As a senior operating adviser, Ahrendts plans to contribute her more traditional commercial expertise. She has experience in some of the same categories as Kardashian, like fashion and beauty (Burberry launched Burberry Beauty during her tenure). And while private equity is new to her, earlier in her career she worked for Liz Claiborne Inc., which acquired brands including Lucky Brand and Juicy Couture. “I was very involved in those acquisitions,” she says. “I’ve always enjoyed that piece of it—discovering great founders and betting on the ones that have the ability to take their businesses [to the next level].”
SKKY, to her, feels like a “natural next step.” She thinks she brings something unique compared to Kardashian, Sammons, and Jenner. “None of us overlap—we each have our lane,” she says. “I think we’re a brilliant complement to each other.”
“It just felt like the stars were aligned,” she adds. “We spoke the same language.”
This story was originally featured on Fortune.com
