Kanye West, other celebs get down to business with products
Chicago's Kanye West. He's the latest celebrity to bank on his name and image beyond the music scene.
West has expanded his reach outside the recording studio. The newest batch of his Nike Air Yeezy sneakers will be released the first weekend of June, and last month he announced a new fragrance and a new energy drink. Plus, he's working on his clothing line, Past Tell.
It's obvious the hip-hop star takes his image as seriously as his music. He was just voted Best Dressed Rapper of All-Time by readers of Complex magazine and hip-hop blog Nah Right in complex.com's Style War.
"This is a real honor! This whole year has been so overwhelmingly positive ... from the Yeezy's to the Louie Vuittons," West blogged (in all caps). "It means a lot to be able to get respect from my core and peers even though everybody knows I get a little crazy with the clothes sometimes."
A few months before the Style War, Complex magazine caught up with West as he shopped for his Grammy outfit.
Asked what his "brand" means, West told Complex: "Pop but Luxury. Edgy but Comfortable. I'm about clashing worlds that you don't think belong together."
Edgy and unique fashion is part of West's persona, said Matt Delzell, group account director at Davie Brown Talent, which pairs celebrities with brands to endorse. "It's authentic for him to sell shoes because everybody's seen him wear those shoes and everybody considers him to be a trendsetter," he said.
Some Chicagoans, however, say they're growing tired of stars building their empires.
"I'm really sick of money being the controlling factor of what artists do with their careers," said Kevin Serna, 20, a student living in the South Loop. "Why can't they be satisfied with the tons of money they make off their records? I'd rather be known for my music than for what my shoes look like."
For a brand to be successful, consumers need to sense legitimacy, said Martin Brochstein, senior vice president of industry relations and information for the International Licensing Industry Merchandisers' Association. "If the consumer gets a whiff that it ain't legit, and that the celebrity merely slapped a name on it, then it's destined to fail," he said.
West gives off the impression that he has more input in his products than other artists, said Corbin Howard, 19, a Columbia College Chicago student. "I feel like [West and rapper Pharrell Williams] put out stuff they would want to wear," said Howard, who lives in the South Loop.
What also helps solidify West's designer cred is that he worked with fashion icon Marc Jacobs and expressed an interest in interning for Louis Vuitton in Paris, said Amanda Latifi, strategist at ad agency DDB Chicago. (West's publicist, Gabriel Tesoriero, did not respond to interview requests.)
Like West, Gwen Stefani is known for being passionate about fashion, and that helps give her L.A.M.B. collection credibility, Latifi said.
On the other hand, she pointed to Lindsay Lohan's array of products, including Sevin Nyne tanning mist--which went on sale last month at Sephora--and 6126 leggings: "That's a crazy brand: leggings and tanning spray. Really? And you were a serious actress once," Latifi said.
What's at stake? Done right, a celebrity's portfolio can be richly rewarding.
Take 50 Cent's deal with VitaminWater. He owned a stake in parent company Glaceau, and Forbes reported he received $100 million when Coca-Cola bought Glaceau in 2007. Elsewhere, the Jessica Simpson Collection brought in $300 million wholesale last year, according to Forbes, a successful venture for Simpson even as her music and acting careers have taken on a lower profile.
When celebrities put their names on a product, typically they are guaranteed a sum of money upfront and paid royalties based on sales of the product, Delzell said. That way, the more the product sells, the more the company and celebrity make.
Of all licensed merchandise that includes characters, works of art and movies--pegged at around $180 billion in worldwide retail sales in 2007--celebrity-licensed products accounted for 3 to 5 percent, Brochstein said.
Even without his newly announced business endeavors, West made a cool $30 million from June 2007 to June 2008, according to Forbes. So far, news of West's many projects has not negatively affected his popularity, B96 (96.3-FM) music director Erik Bradley said.
"He's definitely got the juice right now, so he might as well squeeze it," Bradley said.
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