They will be growing a business that started earlier with principal investments in three celebrity brands, Ryan Reynolds’ Aviation American Gin, Khloe Kardashian’s clothing line Good American and Kim Kardashian West’s intimate apparel venture, Skims.
Celebrands has closed on approximately $90 million in financing with $89 million from investors including Endeavor Group, Saban Capital and Clementine Investments as well as Howard and Shapiro. They’re raising another $11 million in what’s called a “friends and family” round.
The idea is to capitalize on the ever increasing influence of celebrities in driving commerce, looking for famous partners willing to leverage their brands on projects they care about. The celebrities own stakes in companies they actively help build and promote.