Top 17 Savvy Celebrity Businesswomen
These women not only have talent but know how to market their fame.
April 11, 2009— -- Recession aside, some celebrities made bonanza business deals in the past year.
Jessica Simpson's foray into country music may not be an unqualified success--but the millions she's pocketed shilling shoes and handbags certainly is. Talk show favorite Ellen DeGeneres, at 50 years old, became a CoverGirl, adding millions to her already bountiful coffers. Meanwhile, Colombian crooner Shakira scored the biggest deal of her career.
The soured economy has been a double-edged sword when it comes to celebrity business deals. On one hand, the credit crunch pinched manufacturing to the point where licensing deals overall took a dive. "In the fourth quarter, there was sage blowing up and down the hallways, and this year will be tough too," says Ramez Toubassy, president of Brand Sense Partners, who negotiated Britney Spears' and Halle Berry's fragrances and Sheryl Crow's new denim line, Bootheel Trading Co.
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But because of the downturn, it's become even more important to launch with an already well-known name, which is why well-established celebrities like Simpson and DeGeneres have seen an uptick in their business careers.
With companies spending less to launch new initiatives, "the reality is that the right celebrity is still the best way to stand out," explains Ryan Schinman, chief executive of Platinum Rye, which has negotiated corporate deals with hundreds of celebrities, including Madonna's campaign for Motorola's iTunes-enabled cellphone.
While a celebrity may come up with his or her own ideas about a business, there are many people working behind the scenes to ensure that star and product are a good fit.
Toubassy, for instance, does market research to find out what qualities the public most associates with a celebrity, and what type of product it might buy from that star.
Last year, when research showed that the public associated singer Sheryl Crow with fashion and Americana, Ramez brokered a partnership with apparel manufacturer Western Glove Works to create a line of Crow-branded denim, now sold at Dillard's. "We treat the celebrity [brand] like any other consumer brand," says Toubassy.
