1
00:00:00,480 --> 00:00:02,800
Speaker 1: One of the most recognized names and faces in the

2
00:00:02,800 --> 00:00:05,960
Speaker 1: world today is Kim Kardashian. She has more than three

3
00:00:06,040 --> 00:00:09,119
Speaker 1: hundred and sixty five million Instagram followers. I don't have

4
00:00:09,160 --> 00:00:12,960
Speaker 1: any Instagram followers. Recently, she decided to get into my business,

5
00:00:12,960 --> 00:00:15,680
Speaker 1: the private equity business, and is starting a private equity

6
00:00:15,680 --> 00:00:18,440
Speaker 1: fund with one of my former partners, Jay Sammons. I

7
00:00:18,440 --> 00:00:20,640
Speaker 1: had a chance at a private equity conference in Berlin

8
00:00:20,880 --> 00:00:24,400
Speaker 1: to interview both Jay and Kim about their private equity fund,

9
00:00:24,440 --> 00:00:26,680
Speaker 1: and I also had a chance to interview Kim Kardashian

10
00:00:26,720 --> 00:00:32,720
Speaker 1: alone before the conference began. I've often said that private

11
00:00:32,760 --> 00:00:35,320
Speaker 1: equity is the highest calling of mankind. Why did it

12
00:00:35,400 --> 00:00:37,879
Speaker 1: take you so long to realize that and that to

13
00:00:37,960 --> 00:00:39,240
Speaker 1: join the private equity world.

14
00:00:40,960 --> 00:00:43,919
Speaker 2: I finally got talked into it once I came to

15
00:00:43,960 --> 00:00:49,440
Speaker 2: that realization. I have had a long standing relationship with Jay,

16
00:00:49,680 --> 00:00:54,000
Speaker 2: who came from the Carlisle Group, and I was pretty

17
00:00:54,040 --> 00:00:57,000
Speaker 2: close to doing a few deals with Jay when he

18
00:00:57,080 --> 00:01:00,320
Speaker 2: was at the Carlisle Group. So for about ten years

19
00:01:00,400 --> 00:01:04,000
Speaker 2: we had conversations, whether it was through something we were

20
00:01:04,000 --> 00:01:05,959
Speaker 2: going to do or people close to us we're going

21
00:01:06,040 --> 00:01:09,319
Speaker 2: to do. And I was privy to all of those conversations,

22
00:01:09,400 --> 00:01:16,880
Speaker 2: so we finally, you know, had the conversation that we

23
00:01:16,880 --> 00:01:20,679
Speaker 2: should really get into business together. Okay, it's been a

24
00:01:20,720 --> 00:01:21,960
Speaker 2: fascinating process.

25
00:01:22,360 --> 00:01:27,280
Speaker 1: So the name of your firm is Sky Partners. Sky

26
00:01:27,520 --> 00:01:32,319
Speaker 1: is usually spelled s k Y. Yours is s KK.

27
00:01:32,480 --> 00:01:34,920
Speaker 1: Why how did you come up with that name?

28
00:01:37,319 --> 00:01:40,240
Speaker 2: You know, we had to have a little bit of influence.

29
00:01:40,360 --> 00:01:43,760
Speaker 2: I thought, you know, Jay Salmons, I thought that the

30
00:01:44,120 --> 00:01:47,840
Speaker 2: S for Salmon's and KK Kim Kardashian.

31
00:01:48,240 --> 00:01:48,960
Speaker 1: It worked out.

32
00:01:49,280 --> 00:01:49,920
Speaker 2: It worked out.

33
00:01:50,760 --> 00:01:54,600
Speaker 1: So you've now been exposed to the private ecuy world

34
00:01:54,720 --> 00:01:57,040
Speaker 1: for a little bit of time. You've met the investors

35
00:01:57,640 --> 00:02:00,440
Speaker 1: here and around the world, so forth, what is your

36
00:02:00,440 --> 00:02:05,360
Speaker 1: review of the private equity investment community? The most honest

37
00:02:05,400 --> 00:02:06,200
Speaker 1: people you ever.

38
00:02:06,040 --> 00:02:13,680
Speaker 2: Met, very very nice people. I actually have been introduced

39
00:02:13,760 --> 00:02:16,959
Speaker 2: to the world a lot of my friends growing up

40
00:02:17,320 --> 00:02:20,840
Speaker 2: they are in this space now. So I'm on a

41
00:02:21,639 --> 00:02:25,079
Speaker 2: group chat where I'm being asked all the time about

42
00:02:25,120 --> 00:02:28,160
Speaker 2: different companies and businesses, mostly tech, that they invest in

43
00:02:28,280 --> 00:02:31,400
Speaker 2: if they're really good companies. And I've even gotten on

44
00:02:31,560 --> 00:02:34,119
Speaker 2: you know, zooms with all of the founders to hear

45
00:02:34,160 --> 00:02:38,840
Speaker 2: their pitches on their businesses. As if I work with

46
00:02:38,880 --> 00:02:43,440
Speaker 2: them already, so I felt like it would be a

47
00:02:43,480 --> 00:02:46,680
Speaker 2: really good next step to do it together.

48
00:02:47,160 --> 00:02:49,760
Speaker 1: So Jay, how did you two of you first meet

49
00:02:50,240 --> 00:02:52,120
Speaker 1: and how did you get into private equity and why

50
00:02:52,120 --> 00:02:54,680
Speaker 1: did you specialize in consumer? Well?

51
00:02:54,680 --> 00:02:57,000
Speaker 3: I started, first of all, David, thanks for having us

52
00:02:57,200 --> 00:02:59,519
Speaker 3: and for being here with us. I started my investing

53
00:02:59,520 --> 00:03:02,600
Speaker 3: career about twenty three years ago, and I had the

54
00:03:02,639 --> 00:03:05,520
Speaker 3: privilege of spending almost the last seventeen years working for you.

55
00:03:06,000 --> 00:03:08,080
Speaker 3: As you know, I actually did not start investing in

56
00:03:08,080 --> 00:03:13,239
Speaker 3: consumer businesses until I started at Carlisle, but obviously, you know,

57
00:03:13,320 --> 00:03:15,240
Speaker 3: spend the entirety of my time at Carlisle doing that.

58
00:03:15,520 --> 00:03:18,080
Speaker 3: In particular, I spent all of my time trying to

59
00:03:18,120 --> 00:03:21,360
Speaker 3: back great, disruptive, high growth consumer brands, and I have

60
00:03:21,400 --> 00:03:23,240
Speaker 3: a passion for that. I believe it's the best place

61
00:03:23,280 --> 00:03:26,040
Speaker 3: to invest in consumer and the experiences that I had

62
00:03:26,040 --> 00:03:28,080
Speaker 3: at Carlisle, as I said, are putting us in a

63
00:03:28,080 --> 00:03:29,880
Speaker 3: position to build something really special in her sky.

64
00:03:30,200 --> 00:03:34,400
Speaker 1: So you also have a clothing company which is called

65
00:03:34,760 --> 00:03:39,400
Speaker 1: a Skims all right, and you have a skin care

66
00:03:39,560 --> 00:03:44,360
Speaker 1: beauty products company called skin Skin by Kim Kim. Okay,

67
00:03:44,800 --> 00:03:46,920
Speaker 1: all right, all right? Did you need a lot of

68
00:03:46,920 --> 00:03:50,480
Speaker 1: help coming up with that name. Probably not. Okay, So

69
00:03:51,280 --> 00:03:54,160
Speaker 1: that's two businesses. It's pretty big. Those are big businesses.

70
00:03:54,600 --> 00:03:56,720
Speaker 1: Why did you think you had the time? You have

71
00:03:56,760 --> 00:04:01,800
Speaker 1: four children to do a business in the private ecquy world.

72
00:04:01,840 --> 00:04:04,000
Speaker 1: How much time do you really have for something like this?

73
00:04:06,680 --> 00:04:11,520
Speaker 2: I feel like in life you have to do things

74
00:04:11,560 --> 00:04:15,080
Speaker 2: that challenge you and help you grow and evolve. And

75
00:04:15,120 --> 00:04:18,240
Speaker 2: this is a space that after spending a lot of

76
00:04:18,240 --> 00:04:23,120
Speaker 2: time with Jay and with the knowledge that I've learned

77
00:04:23,320 --> 00:04:27,480
Speaker 2: starting businesses, taking investments from firms and people that I've

78
00:04:27,560 --> 00:04:31,239
Speaker 2: learned so much about, and having great relationships, and also

79
00:04:31,360 --> 00:04:34,839
Speaker 2: being on the other side seeing relationships not work out

80
00:04:34,920 --> 00:04:39,120
Speaker 2: if you don't partner with the right investment person and team.

81
00:04:39,480 --> 00:04:45,279
Speaker 2: And I really felt like we could set ourselves apart

82
00:04:45,400 --> 00:04:51,000
Speaker 2: by me really being that person that has been the founder,

83
00:04:51,600 --> 00:04:55,360
Speaker 2: that believes in the founder, that wants to really help

84
00:04:55,440 --> 00:05:00,240
Speaker 2: that company grow and thrive and really support them. Has

85
00:05:00,279 --> 00:05:03,839
Speaker 2: I been there and seen relationships work and not work.

86
00:05:04,080 --> 00:05:08,200
Speaker 2: And it was just something that I was really interested

87
00:05:08,240 --> 00:05:10,640
Speaker 2: in that I was willing to cut back on other things.

88
00:05:11,040 --> 00:05:14,120
Speaker 1: Okay, And so when you ask people to do meetings,

89
00:05:14,120 --> 00:05:16,640
Speaker 1: do they say no? Or you is it that hard

90
00:05:16,680 --> 00:05:18,680
Speaker 1: to get a meeting or probably with investors or not

91
00:05:18,800 --> 00:05:19,200
Speaker 1: that hard?

92
00:05:20,360 --> 00:05:23,680
Speaker 3: So the answer is no, and I'm grateful for that.

93
00:05:23,760 --> 00:05:26,359
Speaker 3: And it's largely because, you know, I believe that what

94
00:05:26,480 --> 00:05:30,159
Speaker 3: KEM and I are building is unlike anything else that's

95
00:05:30,160 --> 00:05:33,240
Speaker 3: being built in this space, and it's a very intentional

96
00:05:33,240 --> 00:05:38,200
Speaker 3: combination of two really complementary skill sets that other firms

97
00:05:38,240 --> 00:05:38,680
Speaker 3: don't have.

98
00:05:38,920 --> 00:05:43,599
Speaker 1: So, say, right now, the private ecuy world's tough to

99
00:05:43,600 --> 00:05:46,160
Speaker 1: get financing for deals and so forth. So are you

100
00:05:46,240 --> 00:05:49,479
Speaker 1: going to be doing buyouts which require financing or are

101
00:05:49,480 --> 00:05:51,520
Speaker 1: you going to do growth capital deals which presumably don't

102
00:05:51,520 --> 00:05:53,000
Speaker 1: need as much financing or any.

103
00:05:53,080 --> 00:05:56,480
Speaker 3: Yeah, our strategy is actually really consistent again with what

104
00:05:56,520 --> 00:06:00,000
Speaker 3: I've done in the past, which was very unreliant on leverage.

105
00:06:00,720 --> 00:06:04,040
Speaker 3: In the consumer growth world, It's about great asset selection

106
00:06:04,160 --> 00:06:07,480
Speaker 3: and great execution on value creation plans. It's not about

107
00:06:07,520 --> 00:06:10,000
Speaker 3: the marginal amount of leverage that will drive a few

108
00:06:10,000 --> 00:06:12,440
Speaker 3: basis points of incremental returns. So in some instances, when

109
00:06:12,440 --> 00:06:14,200
Speaker 3: the companies can support it, we'll use a little bit,

110
00:06:14,560 --> 00:06:17,159
Speaker 3: but in most instances we won't. It's all about just

111
00:06:17,160 --> 00:06:18,560
Speaker 3: getting behind the right ideas.

112
00:06:18,720 --> 00:06:21,640
Speaker 1: Okay, So when a deal comes along. How do you

113
00:06:21,640 --> 00:06:24,040
Speaker 1: have an investment committee? I presume you're on the investment committee,

114
00:06:24,040 --> 00:06:27,320
Speaker 1: and so is it a one person veto if you

115
00:06:27,320 --> 00:06:28,760
Speaker 1: don't like the deal, it's not going to get done,

116
00:06:28,800 --> 00:06:29,880
Speaker 1: Or if you don't like the deal, it's not going

117
00:06:29,920 --> 00:06:30,960
Speaker 1: to get done. How does that work?

118
00:06:31,400 --> 00:06:33,960
Speaker 2: Well, so far, we haven't really run into that issue.

119
00:06:34,040 --> 00:06:37,279
Speaker 2: We both, I think, respect each other's opinion and trust

120
00:06:37,360 --> 00:06:41,920
Speaker 2: each other. I think culturally we have the same vision

121
00:06:42,320 --> 00:06:45,320
Speaker 2: of what brands we think can grow and that we

122
00:06:45,360 --> 00:06:49,360
Speaker 2: can really help make an impact. But we also both

123
00:06:49,440 --> 00:06:53,760
Speaker 2: really believe that our team being included in these decisions

124
00:06:53,880 --> 00:06:56,280
Speaker 2: is really important and we want everyone on our team

125
00:06:56,320 --> 00:06:57,040
Speaker 2: to have a voice.

126
00:06:57,120 --> 00:06:59,440
Speaker 1: What is it that you're most looking forward to about

127
00:06:59,480 --> 00:07:02,839
Speaker 1: private equity? Is it coming to conferences like this? Is

128
00:07:02,880 --> 00:07:04,680
Speaker 1: that what you're most looking forward to?

129
00:07:04,880 --> 00:07:10,840
Speaker 2: Absolutely, I'm honestly most looking forward to my relationships with

130
00:07:11,480 --> 00:07:16,200
Speaker 2: the founders. I'm really fascinated to hear their backstory. I'm

131
00:07:16,200 --> 00:07:22,760
Speaker 2: a storyteller. I'm so excited just to have the opportunity

132
00:07:22,880 --> 00:07:23,400
Speaker 2: to help.

133
00:07:23,760 --> 00:07:25,840
Speaker 1: Did you know what an influencer was really going to

134
00:07:25,960 --> 00:07:28,440
Speaker 1: lead to when you first became a quote influencer?

135
00:07:29,360 --> 00:07:33,280
Speaker 2: No, I really didn't I knew that social media was

136
00:07:33,320 --> 00:07:37,880
Speaker 2: really interesting in a way where I personally, when I

137
00:07:37,920 --> 00:07:40,560
Speaker 2: got on used it as like a free focus group

138
00:07:41,160 --> 00:07:44,280
Speaker 2: when I had questions about I mean, I was launching

139
00:07:44,280 --> 00:07:47,760
Speaker 2: my first product ever, which was a fragrance, and I

140
00:07:47,880 --> 00:07:52,000
Speaker 2: needed opinions and I went to Twitter. I remember Twitter

141
00:07:52,080 --> 00:07:58,720
Speaker 2: was like the first real platform besides my Space, which

142
00:07:58,880 --> 00:08:02,520
Speaker 2: at that time, influencer wasn't even in the mindset. Same

143
00:08:02,560 --> 00:08:04,960
Speaker 2: with Twitter. Really for a while, it was more of,

144
00:08:06,240 --> 00:08:09,119
Speaker 2: I think, a way to communicate with a fan base.

145
00:08:09,760 --> 00:08:11,680
Speaker 2: But I did use it as like a free focus

146
00:08:11,760 --> 00:08:15,480
Speaker 2: group that I thought was fascinating, and I felt like

147
00:08:16,200 --> 00:08:19,760
Speaker 2: the customer became more invested in the Fragrance that I

148
00:08:19,800 --> 00:08:21,720
Speaker 2: was launching because they felt like they were a part

149
00:08:21,760 --> 00:08:24,400
Speaker 2: of it. And I just thought that was really interesting.

150
00:08:24,640 --> 00:08:28,360
Speaker 2: And I didn't quite at that time though, realize what

151
00:08:29,040 --> 00:08:31,640
Speaker 2: a tool social media would be for business.

152
00:08:32,080 --> 00:08:34,959
Speaker 1: Now you've built several businesses. When you were building them,

153
00:08:35,000 --> 00:08:38,240
Speaker 1: people would say, well, she can't really build a fragrance business,

154
00:08:38,320 --> 00:08:41,800
Speaker 1: or she can't really build a clothing business because she

155
00:08:41,800 --> 00:08:43,320
Speaker 1: doesn't have a background on that. But they turned out

156
00:08:43,360 --> 00:08:47,000
Speaker 1: to be extremely successful, so did people not thinking you

157
00:08:47,040 --> 00:08:49,640
Speaker 1: could do it. Urge you to make it even more successful,

158
00:08:49,720 --> 00:08:51,720
Speaker 1: or were you nervous that maybe they were right and

159
00:08:51,760 --> 00:08:54,080
Speaker 1: you couldn't build those businesses? Or how did you feel

160
00:08:54,080 --> 00:08:56,120
Speaker 1: about when you were building these businesses from scratch.

161
00:08:57,080 --> 00:09:01,120
Speaker 2: I definitely always took the doubt as motivation. I always

162
00:09:01,200 --> 00:09:05,640
Speaker 2: felt like, and still do always feel a bit insecure

163
00:09:05,679 --> 00:09:09,120
Speaker 2: about it, confident in the brand. I love creating a

164
00:09:09,160 --> 00:09:11,920
Speaker 2: brand and launching a brand and the whole process of it.

165
00:09:13,360 --> 00:09:17,839
Speaker 2: I always have those I think healthy nerves when you're

166
00:09:17,920 --> 00:09:20,760
Speaker 2: launching something, especially on a launch day or a product

167
00:09:20,800 --> 00:09:24,559
Speaker 2: launch day. But I've always felt a little bit. I've

168
00:09:24,559 --> 00:09:27,959
Speaker 2: always felt a doubt, and I've always just taken that

169
00:09:28,120 --> 00:09:31,640
Speaker 2: as motivation to have me focus more and work harder

170
00:09:31,679 --> 00:09:33,199
Speaker 2: and felt like I had more to prove.

171
00:09:33,679 --> 00:09:36,360
Speaker 1: So nobody can build a business or run a business

172
00:09:36,360 --> 00:09:39,280
Speaker 1: by themselves, So you have to hire people and get

173
00:09:39,280 --> 00:09:41,599
Speaker 1: people around you from time to time for your businesses.

174
00:09:41,920 --> 00:09:44,000
Speaker 1: How do you select who you're going to hire? And

175
00:09:44,440 --> 00:09:46,880
Speaker 1: do you ever have to fire anybody and say, well

176
00:09:46,920 --> 00:09:48,480
Speaker 1: you were good but not quite good enough.

177
00:09:49,440 --> 00:09:52,400
Speaker 2: Yes, I have a great team and a small team,

178
00:09:52,679 --> 00:09:56,200
Speaker 2: and the fires firing's really difficult for me, so I

179
00:09:56,240 --> 00:09:59,040
Speaker 2: always have someone else do it. It's really really hard

180
00:09:59,040 --> 00:10:01,079
Speaker 2: for me unless it's someone that works in my household

181
00:10:01,200 --> 00:10:03,559
Speaker 2: and I have a personal relationship with them. Obviously I

182
00:10:03,600 --> 00:10:06,400
Speaker 2: would give them their respect to do that. But I

183
00:10:06,440 --> 00:10:08,960
Speaker 2: have a small team when I started my beauty business,

184
00:10:08,960 --> 00:10:13,440
Speaker 2: when we started Skims, my business, everything that I do

185
00:10:13,840 --> 00:10:18,280
Speaker 2: starts with a really selective in house team, even from

186
00:10:18,280 --> 00:10:22,240
Speaker 2: my business manager. Everyone is just someone that I've taken

187
00:10:22,440 --> 00:10:25,559
Speaker 2: a lot of time to get to know. I trust,

188
00:10:26,040 --> 00:10:31,560
Speaker 2: and a good community relationship within my office and within

189
00:10:31,640 --> 00:10:35,320
Speaker 2: my house staff everywhere is the most important thing.

190
00:10:35,559 --> 00:10:37,800
Speaker 1: And you test all the products yourself. In other words,

191
00:10:37,960 --> 00:10:40,520
Speaker 1: it's a beauty product or something you always tested.

192
00:10:40,480 --> 00:10:44,559
Speaker 2: Oh everything, Yes, yes, I'm so hands on. I'm so involved.

193
00:10:44,600 --> 00:10:46,800
Speaker 2: I mean to this day. For Skims, I'm still our

194
00:10:46,840 --> 00:10:50,840
Speaker 2: fit model, which we have like a group of fit models,

195
00:10:50,840 --> 00:10:53,760
Speaker 2: and I'll know the collection that I didn't fit for.

196
00:10:53,840 --> 00:10:58,800
Speaker 2: I'm very specific on how things fit and make. I

197
00:10:58,840 --> 00:11:01,199
Speaker 2: pick the fabrics that come up with all the marketing.

198
00:11:01,720 --> 00:11:05,079
Speaker 2: So with Skims and my beauty brand Skin, I do

199
00:11:05,559 --> 00:11:10,080
Speaker 2: every lass thing from packaging design to helping with the

200
00:11:10,160 --> 00:11:14,760
Speaker 2: fonts and the you know, every campaign, every photographer, we

201
00:11:14,840 --> 00:11:18,160
Speaker 2: pick every formula of every product. I mean I have

202
00:11:18,240 --> 00:11:20,280
Speaker 2: to be involved one hundred percent.

203
00:11:21,000 --> 00:11:24,080
Speaker 1: So many people would say in one family, you probably

204
00:11:24,080 --> 00:11:27,680
Speaker 1: can't have too many talented business people in your family.

205
00:11:27,679 --> 00:11:29,720
Speaker 1: You seem to have a lot of talented business people.

206
00:11:29,840 --> 00:11:32,959
Speaker 1: So is there a competition between you and your sisters

207
00:11:33,080 --> 00:11:35,880
Speaker 1: or you're so friendly there's no competition.

208
00:11:37,200 --> 00:11:39,640
Speaker 2: You know, even like Kylie and I are both in

209
00:11:39,679 --> 00:11:42,720
Speaker 2: the beauty business and we don't compete. We feel like

210
00:11:42,760 --> 00:11:48,240
Speaker 2: we have two totally different brands and two totally different demographics.

211
00:11:48,320 --> 00:11:51,000
Speaker 2: So I would say we don't really compete in that way.

212
00:11:51,080 --> 00:11:55,560
Speaker 2: If anything, we would motivate each other. And even we

213
00:11:55,600 --> 00:11:59,560
Speaker 2: work on everything really privately and don't really communicate with

214
00:11:59,600 --> 00:12:03,160
Speaker 2: each other about what we're launching and what our campaigns

215
00:12:03,200 --> 00:12:05,800
Speaker 2: look like. I mean, if we're really excited about something,

216
00:12:06,080 --> 00:12:10,520
Speaker 2: we'll share the process. But it's really rare that we

217
00:12:10,600 --> 00:12:13,520
Speaker 2: do that now, and we don't really compete like that.

218
00:12:13,800 --> 00:12:16,000
Speaker 2: I think we all just really focus and do our

219
00:12:16,000 --> 00:12:16,480
Speaker 2: own thing.

220
00:12:17,160 --> 00:12:20,319
Speaker 1: So your mother has been involved with your career as well,

221
00:12:20,480 --> 00:12:22,920
Speaker 1: and your mother is involved, I guess with your sister's

222
00:12:22,960 --> 00:12:26,160
Speaker 1: careers as well. So is she a superstar business manager

223
00:12:26,360 --> 00:12:29,720
Speaker 1: or impresario or how did she manage to keep all

224
00:12:29,720 --> 00:12:31,720
Speaker 1: of the children happy and have them each have their

225
00:12:31,760 --> 00:12:34,760
Speaker 1: own career and owned businesses and still be so close

226
00:12:34,800 --> 00:12:35,120
Speaker 1: to them.

227
00:12:35,440 --> 00:12:39,199
Speaker 2: She's definitely the smartest woman I know. And it really

228
00:12:39,240 --> 00:12:42,559
Speaker 2: started for she was a housewife when she was married

229
00:12:42,600 --> 00:12:44,520
Speaker 2: to my dad and she raised the four of us,

230
00:12:44,559 --> 00:12:47,320
Speaker 2: And then when she married my stepdad, she became his

231
00:12:47,600 --> 00:12:53,640
Speaker 2: agent and manager and got her agent license and figured

232
00:12:53,679 --> 00:12:58,480
Speaker 2: it out and really helped that. And then it bled

233
00:12:58,520 --> 00:13:01,280
Speaker 2: into wanting to help her children when the time was

234
00:13:01,400 --> 00:13:04,640
Speaker 2: right and when our career started. So I ask her

235
00:13:04,679 --> 00:13:08,040
Speaker 2: all the time how she manages six kids and we

236
00:13:08,160 --> 00:13:12,480
Speaker 2: all have very similar lives. But I find it really

237
00:13:12,480 --> 00:13:15,319
Speaker 2: interesting that a lot of people call her to want

238
00:13:16,280 --> 00:13:19,720
Speaker 2: to get her to be their manager, and she just

239
00:13:20,040 --> 00:13:22,720
Speaker 2: like her heart is with her children, So I think

240
00:13:22,760 --> 00:13:25,880
Speaker 2: it's uh a different kind of love and motivation. But

241
00:13:25,960 --> 00:13:28,920
Speaker 2: she completely has helped us all figure it out. We

242
00:13:29,040 --> 00:13:31,840
Speaker 2: come to her for every ounce of advice, and she's

243
00:13:31,920 --> 00:13:35,600
Speaker 2: really been so great at managing all of us. But

244
00:13:35,679 --> 00:13:39,760
Speaker 2: she's also really good at being the best mom. And

245
00:13:40,240 --> 00:13:43,360
Speaker 2: even maybe a manager would push for one decision, she'll

246
00:13:43,400 --> 00:13:45,240
Speaker 2: push for a mom decision first.

247
00:13:45,720 --> 00:13:47,840
Speaker 1: So you were very close to your father who passed

248
00:13:47,840 --> 00:13:51,240
Speaker 1: away a very young age of cancer. He was a lawyer,

249
00:13:51,320 --> 00:13:54,320
Speaker 1: well known lawyer. Did that motivate you to want to

250
00:13:54,360 --> 00:13:55,920
Speaker 1: go and become a lawyer yourself?

251
00:13:56,640 --> 00:14:00,000
Speaker 2: Absolutely? I mean I think just seeing him every day

252
00:14:00,520 --> 00:14:03,600
Speaker 2: he would get up, be on his way to work,

253
00:14:03,720 --> 00:14:07,040
Speaker 2: drop us off at school, see him, you know, go

254
00:14:07,120 --> 00:14:10,120
Speaker 2: to work, come home for dinner, like we just I

255
00:14:10,160 --> 00:14:13,559
Speaker 2: saw how hard he worked and I saw just his

256
00:14:13,679 --> 00:14:17,520
Speaker 2: work ethic that really drove me, and especially his law

257
00:14:17,600 --> 00:14:21,360
Speaker 2: studies I think really inspired me. We talked about it.

258
00:14:21,400 --> 00:14:23,040
Speaker 2: I mean, he passed away when I was twenty two,

259
00:14:23,280 --> 00:14:27,280
Speaker 2: so it was I was in college, and we talked

260
00:14:27,280 --> 00:14:30,760
Speaker 2: about my path in college, and he was really realistic

261
00:14:30,760 --> 00:14:33,440
Speaker 2: with me. I did not like school, and he said,

262
00:14:33,520 --> 00:14:36,560
Speaker 2: you know, I just don't think that this d I

263
00:14:36,640 --> 00:14:38,840
Speaker 2: don't think you want to do this full time. I

264
00:14:38,880 --> 00:14:42,520
Speaker 2: really want you to think about this. But if you

265
00:14:42,560 --> 00:14:46,480
Speaker 2: stay in school, I will, you know, help with your apartment.

266
00:14:46,560 --> 00:14:48,760
Speaker 2: And it was like a trade off that he would help.

267
00:14:49,280 --> 00:14:51,840
Speaker 2: And I just wanted to be independent and I wanted

268
00:14:51,880 --> 00:14:57,880
Speaker 2: to not go down that journey at that time. But

269
00:14:57,960 --> 00:15:00,760
Speaker 2: I do think that he would. I think he'd absolutely

270
00:15:00,840 --> 00:15:02,280
Speaker 2: be proud of me, but I think he would get

271
00:15:02,320 --> 00:15:05,120
Speaker 2: a kick out of the fact that I'm doing it now,

272
00:15:05,520 --> 00:15:09,480
Speaker 2: and he'd be the best study buddy with me and

273
00:15:08,840 --> 00:15:11,040
Speaker 2: help me study.

274
00:15:10,960 --> 00:15:13,520
Speaker 1: How to be a lawyer. In California, you don't have

275
00:15:13,560 --> 00:15:16,360
Speaker 1: to go to law school. You can read the law,

276
00:15:16,520 --> 00:15:18,480
Speaker 1: which is what people used to do many years ago.

277
00:15:18,560 --> 00:15:20,720
Speaker 1: Abraham Lincoln never went to law school and he did

278
00:15:20,720 --> 00:15:24,000
Speaker 1: okay as a lawyer. So you're reading the law, and

279
00:15:24,040 --> 00:15:26,000
Speaker 1: you've passed one of the bar exams, and you're going

280
00:15:26,040 --> 00:15:27,840
Speaker 1: to take another one at some point in time, is

281
00:15:27,880 --> 00:15:28,960
Speaker 1: that right? Yeah?

282
00:15:29,080 --> 00:15:31,680
Speaker 2: I think in about two years I take the next one.

283
00:15:31,800 --> 00:15:34,560
Speaker 2: So you need two bars in order to pass to

284
00:15:35,160 --> 00:15:38,400
Speaker 2: become a lawyer. So I think now, since I've passed

285
00:15:38,400 --> 00:15:44,400
Speaker 2: the first one, I could practice under someone, but to

286
00:15:44,680 --> 00:15:46,680
Speaker 2: be a lawyer on my own, I have to pass

287
00:15:46,720 --> 00:15:51,480
Speaker 2: the second bar. So I'm constitutional law is kicking my

288
00:15:51,600 --> 00:15:53,800
Speaker 2: butt right now, and that's what I'm That's what I'm

289
00:15:53,840 --> 00:16:00,000
Speaker 2: studying currently, and it's you know, it's extremely time consumer,

290
00:16:00,360 --> 00:16:01,440
Speaker 2: but so worth it.

291
00:16:24,720 --> 00:16:27,400
Speaker 1: So as you become so well known, I think you

292
00:16:27,520 --> 00:16:31,400
Speaker 1: have more Twitter followers than probably almost anybody in the world.

293
00:16:31,440 --> 00:16:34,200
Speaker 1: Twitter followers, Instagram follows. You have something like three hundred

294
00:16:34,200 --> 00:16:37,360
Speaker 1: and fifty million Instagram followers. Is that the right number?

295
00:16:37,640 --> 00:16:41,720
Speaker 2: Something like that, three fifty nine fifty nine million.

296
00:16:41,760 --> 00:16:44,920
Speaker 1: I have zero. I have no Instagram followers. I'm afraid

297
00:16:44,960 --> 00:16:46,960
Speaker 1: to be on Instagram because I wouldn't have any followers.

298
00:16:47,240 --> 00:16:49,120
Speaker 1: But we have three hundred and fifty nine million. So

299
00:16:49,560 --> 00:16:52,640
Speaker 1: when you go to a restaurant or you go out

300
00:16:52,680 --> 00:16:56,360
Speaker 1: in the public anywhere, can you ever be not bothered

301
00:16:56,360 --> 00:16:59,160
Speaker 1: by people who want to take your picture, want a selfie,

302
00:16:59,240 --> 00:17:01,640
Speaker 1: want an auto? How do you deal with all that?

303
00:17:02,200 --> 00:17:05,240
Speaker 2: I think you know, depending where you go, you really

304
00:17:05,280 --> 00:17:07,520
Speaker 2: have to know where to go, and you definitely can

305
00:17:07,560 --> 00:17:11,240
Speaker 2: get away with that sometimes, but you also have to

306
00:17:11,320 --> 00:17:14,160
Speaker 2: understand when you're going out in public. That's just kind

307
00:17:14,200 --> 00:17:16,560
Speaker 2: of I guess what comes along with the territory. I

308
00:17:16,600 --> 00:17:19,440
Speaker 2: love to travel the world. If I go to Japan,

309
00:17:20,720 --> 00:17:27,040
Speaker 2: no one will ask Their culture is very different. Different

310
00:17:27,080 --> 00:17:29,760
Speaker 2: places all over the world just have different I think,

311
00:17:30,200 --> 00:17:34,520
Speaker 2: beliefs and cultures where it's just not as important for

312
00:17:34,560 --> 00:17:38,560
Speaker 2: them to ask for photos. So it's fun to travel

313
00:17:38,680 --> 00:17:43,440
Speaker 2: and get away sometimes from that. But I also know

314
00:17:44,400 --> 00:17:46,960
Speaker 2: that that kind of comes along with the territory as well.

315
00:17:47,240 --> 00:17:49,440
Speaker 1: And how do you convince your children that not every

316
00:17:49,480 --> 00:17:52,119
Speaker 1: mother is as famous as you because they see people

317
00:17:52,200 --> 00:17:55,320
Speaker 1: coming calling you. You're very well known. How do you

318
00:17:55,400 --> 00:17:57,760
Speaker 1: convince your children that not every mother is that way

319
00:17:57,800 --> 00:18:00,320
Speaker 1: and therefore they have to live a life maybe a

320
00:18:00,359 --> 00:18:01,800
Speaker 1: little bit different than the one you're living.

321
00:18:02,200 --> 00:18:06,960
Speaker 2: Well, I think that they really do understand that every

322
00:18:07,040 --> 00:18:10,399
Speaker 2: family is different. I mean even within my sisters, you know,

323
00:18:10,440 --> 00:18:13,040
Speaker 2: other sisters have different rules, snacks that they can eat,

324
00:18:13,119 --> 00:18:15,520
Speaker 2: snacks we can eat, shows they can want, you know,

325
00:18:15,840 --> 00:18:18,359
Speaker 2: So we do talk about different families and different rules

326
00:18:18,359 --> 00:18:23,640
Speaker 2: all the time. I think that they grew up seeing

327
00:18:23,960 --> 00:18:26,920
Speaker 2: a lot, and you know, whether we're they were at

328
00:18:26,960 --> 00:18:31,560
Speaker 2: their dad's you know, big events or at filming, you know,

329
00:18:31,640 --> 00:18:34,840
Speaker 2: with me and seeing stuff. I think they just have known.

330
00:18:34,880 --> 00:18:37,080
Speaker 2: And we've been really open and honest with them about

331
00:18:37,160 --> 00:18:39,439
Speaker 2: our lives and how big it is and how different

332
00:18:39,480 --> 00:18:42,360
Speaker 2: it is, and let's be positive and think of all

333
00:18:42,359 --> 00:18:46,440
Speaker 2: of like the good positive things and just try to

334
00:18:46,480 --> 00:18:50,520
Speaker 2: give them amazing experiences. But they are also so normal

335
00:18:50,640 --> 00:18:55,080
Speaker 2: and well grounded that I'm so happy that they have

336
00:18:56,400 --> 00:18:59,199
Speaker 2: a group of cousins that can all relate, and that

337
00:18:59,840 --> 00:19:01,919
Speaker 2: we all live in the same gated community and they

338
00:19:02,040 --> 00:19:04,639
Speaker 2: ride bikes to each other's houses and scooters, and I

339
00:19:04,640 --> 00:19:09,399
Speaker 2: mean it's they're the most normal, well adjusted kids, and

340
00:19:09,440 --> 00:19:12,400
Speaker 2: it just makes me so happy. And as a mom,

341
00:19:12,520 --> 00:19:15,520
Speaker 2: you just feel like you're doing something right when your

342
00:19:15,600 --> 00:19:16,399
Speaker 2: kids are happy.

343
00:19:16,880 --> 00:19:18,879
Speaker 1: When you were growing up and you were a little

344
00:19:18,880 --> 00:19:23,600
Speaker 1: girl at the age of your children, could everybody pronounce

345
00:19:23,640 --> 00:19:27,520
Speaker 1: the name Kardashian then, because now it's a well known name,

346
00:19:27,560 --> 00:19:31,439
Speaker 1: but I imagine people said pronounce it incorrectly. Then did

347
00:19:31,440 --> 00:19:34,359
Speaker 1: you correct them or were you Was everybody pronouncing it

348
00:19:34,400 --> 00:19:35,159
Speaker 1: correctly then?

349
00:19:35,400 --> 00:19:40,120
Speaker 2: No? I remember then. I would laugh with my dad

350
00:19:40,119 --> 00:19:43,760
Speaker 2: about this during the oj trial, when reporters would always

351
00:19:43,800 --> 00:19:46,760
Speaker 2: say his name, they would always get it wrong and

352
00:19:46,800 --> 00:19:49,199
Speaker 2: say different versions of it. And my dad told me

353
00:19:49,240 --> 00:19:52,600
Speaker 2: a story that when the Armenians came over to America,

354
00:19:52,680 --> 00:19:55,400
Speaker 2: they usually took off the ian off their last name,

355
00:19:55,440 --> 00:19:58,919
Speaker 2: so anyone with Ian their Armenian, and so you know,

356
00:19:58,960 --> 00:20:02,600
Speaker 2: our last name would be like kardash you know. And

357
00:20:03,000 --> 00:20:05,080
Speaker 2: he just would always say, just never take the ia

358
00:20:05,200 --> 00:20:07,160
Speaker 2: in off your last name, like it's okay if they

359
00:20:07,200 --> 00:20:09,760
Speaker 2: mispronounce it. We would laugh all the time that no

360
00:20:09,800 --> 00:20:11,879
Speaker 2: one can get our last name. And now it seems

361
00:20:11,920 --> 00:20:12,560
Speaker 2: really simple.

362
00:20:13,640 --> 00:20:16,080
Speaker 1: Well, you and your mother and your sisters and your

363
00:20:16,080 --> 00:20:19,560
Speaker 1: whole family became famous initially, I think with the TV

364
00:20:19,680 --> 00:20:22,800
Speaker 1: show called Keeping Up with the Kardashians. Is that what

365
00:20:22,840 --> 00:20:26,000
Speaker 1: it was? Yes, So when you were first approached about that,

366
00:20:26,040 --> 00:20:28,200
Speaker 1: did you roll your eyes and say, I don't want

367
00:20:28,200 --> 00:20:29,960
Speaker 1: to do a reality TV show? Or you say, no,

368
00:20:30,119 --> 00:20:31,359
Speaker 1: this is going to be great. We're going to be

369
00:20:31,359 --> 00:20:33,480
Speaker 1: famous because of this, or how did you get the

370
00:20:33,520 --> 00:20:35,439
Speaker 1: idea or who came to you with the idea and

371
00:20:35,760 --> 00:20:37,720
Speaker 1: did all of you want to do it unanimously or

372
00:20:37,880 --> 00:20:39,119
Speaker 1: all of you say maybe not.

373
00:20:39,560 --> 00:20:42,320
Speaker 2: Yeah. Well, when I remember so vividly being at my

374
00:20:42,359 --> 00:20:45,240
Speaker 2: best friend's house nineteen eighty nine, so I was nine

375
00:20:45,320 --> 00:20:47,960
Speaker 2: years old and the show The Real World launched, and

376
00:20:48,000 --> 00:20:50,200
Speaker 2: I looked at my best friend and I said, that's it.

377
00:20:50,400 --> 00:20:53,760
Speaker 2: I have to be on a reality show. And she said,

378
00:20:53,800 --> 00:20:55,040
Speaker 2: I go that's what I want to do when I

379
00:20:55,080 --> 00:20:57,560
Speaker 2: grow up. And she said, okay, well when we're eighteen,

380
00:20:58,400 --> 00:21:01,360
Speaker 2: we'll make an audition tape for the Real World. And

381
00:21:01,840 --> 00:21:03,200
Speaker 2: she goes, I don't want to be on, but i'll

382
00:21:03,240 --> 00:21:06,680
Speaker 2: be your manager. And her dad's a manager and we

383
00:21:06,880 --> 00:21:10,640
Speaker 2: laugh now at our conversation then, and the show came

384
00:21:10,680 --> 00:21:14,320
Speaker 2: about because Kathy Lee Gifford is one of my mom's

385
00:21:14,320 --> 00:21:16,840
Speaker 2: closest friends, and when she'd come in town and stay

386
00:21:16,880 --> 00:21:19,040
Speaker 2: with us, she would just laugh and say, you guys

387
00:21:19,040 --> 00:21:21,680
Speaker 2: are a reality show. What you guys are talking about,

388
00:21:21,720 --> 00:21:24,680
Speaker 2: fighting about, how you guys live your life. This has

389
00:21:24,720 --> 00:21:28,160
Speaker 2: to be a reality show. And we called Ryan Seacrest,

390
00:21:28,240 --> 00:21:32,480
Speaker 2: got connected to him, met with the E Network, and

391
00:21:32,520 --> 00:21:34,879
Speaker 2: our show was on the air. We started filming a

392
00:21:34,920 --> 00:21:37,679
Speaker 2: week later. I think we were a filler show for

393
00:21:37,720 --> 00:21:41,320
Speaker 2: a show that fell out of production and they needed

394
00:21:41,359 --> 00:21:45,320
Speaker 2: something quickly, and we just started filming. We thought we'd

395
00:21:45,320 --> 00:21:48,199
Speaker 2: be on for maybe a season or two, and we

396
00:21:48,240 --> 00:21:52,200
Speaker 2: did twenty seasons of Keeping Up with the Kardashians, ten spinoffs,

397
00:21:54,040 --> 00:21:58,760
Speaker 2: and now we're in filming season four of The Kardashians,

398
00:21:58,800 --> 00:22:02,200
Speaker 2: which is basically the same thing, just on a streaming

399
00:22:02,480 --> 00:22:03,040
Speaker 2: on Hulu.

400
00:22:03,160 --> 00:22:04,960
Speaker 1: When I was nine years old, I wanted to be

401
00:22:05,000 --> 00:22:07,600
Speaker 1: a major league baseball player. That didn't work out for me,

402
00:22:07,720 --> 00:22:10,000
Speaker 1: but usually when you want something at nine, it doesn't

403
00:22:10,040 --> 00:22:11,720
Speaker 1: usually work out. But I guess it worked out for

404
00:22:11,760 --> 00:22:12,800
Speaker 1: you and your systems.

405
00:22:12,880 --> 00:22:14,960
Speaker 2: I was determined they didn't want, they didn't care, and

406
00:22:15,000 --> 00:22:16,880
Speaker 2: they didn't want to do it. But I talked them

407
00:22:16,920 --> 00:22:19,960
Speaker 2: into it by saying that we had a clothing store

408
00:22:20,080 --> 00:22:21,760
Speaker 2: and I said, you guys, this would be the best

409
00:22:21,840 --> 00:22:25,040
Speaker 2: promotion for our clothing store. We should really consider this,

410
00:22:25,320 --> 00:22:27,119
Speaker 2: and that got them.

411
00:22:27,000 --> 00:22:28,360
Speaker 1: Hooked worked out.

412
00:22:28,680 --> 00:22:29,080
Speaker 2: It did