Becoming an entrepreneur is turning into an arms race in Hollywood, as more and more celebrities seek to reach the heights of the mogul, following the paths blazed by other stars like Rihanna, Jay-Z, Jessica Alba, Sean Combs, Gwyneth Paltrow, Dr Dre, George Clooney and the Kardashians.

How popular are star-founded brands? Celebrity makeup brands, for example, made up 4% of the market before the pandemic but have now fallen to 7%, according to Larissa Jensen, vice president of market research firm The NPD Group.

And Ari Bloom, CEO of brand incubator A-Frame (who worked with Gabrielle Union and Dwyane Wade to launch their baby care brand Proudly and Naomi Osaka on her skincare brand Kinl├▓) says, “We have many global retailers and operators contacting us. on a regular basis with an interest in co-developing celebrity-led brands that solve unsolved problems for their increasingly diverse customer base. We see a very bright future in talent-led, proprietary brands that help existing sellers develop more authentic relationships with consumers who demand products made for them and reject traditional one-size-fits-all offerings.

But while celebrity name recognition can often attract new customers quickly, Jensen warns that “you’ll get that initial purchase because consumers will want to try it, but to get the repeat purchase, the product has to work.” This is what will determine success.

Investors and industry experts in the ever-growing celebrity brand space weighed in on this list of top talent finding this success, who spoke to THR their inspirations, business lessons and sales.

Written by Laurie Brookins, Evan Nicole Brown, Kirsten Chuba, Ashley Cullins, Danielle Directo-Meston, Chris Gardner, Brad Japhe, Sydney Odman and Ingrid Schmidt

Source link

Leave A Reply