Becoming an entrepreneur is becoming an arms race in Hollywood as more and more celebrities seek to ascend to mogul heights, following the paths forged by other stars like Rihanna, Jay-Z, Jessica Alba, Sean Combs, Gwyneth Paltrow, Dr. Dre, George Clooney and the Kardashians.
How good are the brands founded by stars? Celebrity makeup brands, for example, accounted for 4 percent of the market before the pandemic, but have now grown to 7 percent, 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 Proudly baby care brand and Naomi Osaka on her Kinlò skincare brand) says: “We have a lot of retailers and global operators that communicate with us. regularly with an interest in co-developing celebrity-led brands that solve unaddressed problems for their increasingly diverse customer base. We see a very bright future in talent-led proprietary brands helping existing marketers 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 quickly attract first-time customers, Jensen cautions, “You’ll have that initial purchase because consumers will want to try it, but to repeat purchases, the product has to work. That is what will determine success.”
Investors and industry insiders in the ever-growing celebrity brand space weighed in on this list of top talent finding that success, who spoke with THR of his inspirations, business and sales lessons.
Written by Laurie Brookins, Evan Nicole Brown, Kirsten Chuba, Ashley Cullins, Danielle Directo-Meston, Chris Gardner, Brad Japhe, Sydney Odman, and Ingrid Schmidt