We all know that fame sells. Here is some evidence of the impact celebraties have on brands.
"Marshall Cohen, chief industry analyst for the NPD Group, which tracks retail sales, says consumers will pay up to 25 percent more for celebrity branded products, and fashion is where you'll often find them."
"Celebrity business has grown in the past decade tenfold," Cohen told Sunday Morning correspondent Tracy Smith. "Years ago, there was less than 100 celebrity brands in a multitude of different industries. Today, there are well over 1,000 brands that have celebrity ownership and/or partnerships that cross all kinds of industries."
Elizabeth Arden CEO Scott Beattie says: (Elizabeth)"Taylor's fragrance has sold more than $1 billion in the 15 years since it was launched. He said it is still the No. 1 celebrity fragrance in the United States."
Elizabeth Arden CEO Scott Beattie says: "We sold over $300 million globally in fragrances with Britney Spears over the last 2 1/2 years," Beattie said. "We sold over 10 million pieces of product around the world."
Sean "P Diddy" Combs' scent, "Unforgivable," was the fastest-growing fragrance of 2006. But that’s only part of his success. Combs’ Sean Jean clothing line raked in more than $400 million in retail sales last year. He's the poster boy for the latest star-powered trend, the celebrity business.
Read more at: http://www.cbsnews.com/stories/2007/02/22/sunday/main2504633.shtml