Celebrity Business Ventures That Failed
We all love our favorite celebrities. And their names on anything can easily sway the mass into buying them. In fact, celebrities have a huge following and influence that can translate into entrepreneurship ventures. However, despite these factors, some celebrity ventures do flop.
In this article, we will be providing you with an exclusive list of celebrity ventures in history that went down the drain. So, aspiring entrepreneurs buckle up, grab your pen and paper, and read on:
Fyre Festival – Ja Rule and Billy McFarland
The Fyre Festival was supposed to be an exotic music festival in the Bahamas. Ja Rule and Billy McFarland organized the festival in April 2017, which was heavily marketed on social media. However, tickets were sold between $1000 to $250000 offering luxury villas and private beach accommodations. The festival was infamous for being a disaster. Thus, leading to looting, and raids due to unsanitary conditions and lack of food, water, and shelter.
The duo was sued and charged by the US Securities and Exchange Commission for fraud, facing millions in fines and jail time. It is an important lesson to be mindful of excess hype and marketing that undermines the value of the product.
Trump Steaks – Donald Trump
Donald Trump, the previous US president, was known for his ventures in the real estate and entertainment industry. In 2007, he launched ‘Trump Steaks,’ a high-end steak company marketed and sold exclusively in Sharper Image stores.
However, the product never gained traction, and the brand went bankrupt within a year. Thus, it proves the importance of proper market research and a reliable supply chain to meet consumer demand.
Kardashian Kard – The Kardashian Sisters
The Kardashian sisters, known for their reality TV show, launched their own prepaid credit card, Kardashian Kard, in 2010. The card was pulled out of the market after criticism from consumers and authorities over high fees and unfair practices.
Thus, it highlights the importance of partnering with credible and customer-focused financial institutions and avoiding charging high fees to build a brand reputation.
Planet Hollywood – Arnold Schwarzenegger, Bruce Willis, Sylvester Stallone, and Demi Moore
Planet Hollywood was a restaurant chain founded by Arnold Schwarzenegger, Bruce Willis, Sylvester Stallone, and Demi Moore in 1991. The chain was heavily marketed, with a Hollywood memorabilia theme and a promise of being a new entertainment experience.
However, the restaurant’s inability to keep up with the rising demand led the company to file for multiple bankruptcies. Thus, it shows the importance of financial management and having a solid business plan in place to stay relevant in the market.
Chris Brown’s Clothing Line – Chris Brown
In 2012, R&B artist Chris Brown launched his clothing line, Black Pyramid. The line received criticism for alleged design plagiarism and poor quality. Thus, leading to low sales and eventually shutting down.
So, it highlights the importance of staying true to your brand identity and working with original designs to attract authenticity in the market.
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