BackKwan Entertainment, Dream Theatre form JV Mojostar to create new brands
Mojostar, the joint venture of Kwan Entertainment and Dream Theatre, will tap into the growing influence of Indian celebrities to create powerful retail brands in the country
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New Delhi: Celebrity management firm Kwan Entertainment and Marketing Solutions has formed a joint venture with brand licensing and marketing firm Dream Theatre to create new brands in the fashion, personal care and fitness segments in partnership with celebrities. While the terms of deal remain undisclosed, Kwan Entertainment holds a majority stake in Mojostar, the joint venture company.
The partnership will tap into the growing influence of Indian celebrities to create powerful retail brands in the country.
Anirban Blah, director, Kwan Entertainment and founding partner, Mojostar, said, “Celebrities hold massive influence in trends related to fashion, fitness, personal care, and appearance, and have been used by brands for decades for endorsements. This represents a large and profitable market opportunity to create authentic brands with celebrities. We have partnered with Dream Theatre to launch Mojostar and create world-class retail brands in India."
Mojostar will invest $30 million (partly self funded) to build these brands over the next two years. “At some stage next year we will look at raising funds," added Blah.“Globally, we have seen billions of dollars of value being created by celebrity brands such as David Beckham, Victoria Beckham, Mary-Kate and Ashley Olsen, and Jay-Z etc."
Jiggy George, founder and chief executive at Dream Theatre and founding partner, Mojostar, added, “Creating celebrity brands and their extension in product and services requires crafting an authentic brand DNA, with a lot of attention to detail and genuine differentiation. In India, there is an obvious market opportunity for celebrity brands, but the authentic approach to celebrity brand creation has not yet matured. Anirban and I have been working together for a while now to address this market and come up with attractive brand propositions. This joint venture will be leveraging our mutual strengths to revolutionize the way retail brands are created in India."
Bollywood actors Jacqueline Fernandez and Tiger Shroff will launch the first line of their celebrity branded products in the next few months. Mojostar has already signed licensing deals with both actors and their brands will be launched in the market in the first half of next year.
Abhishek Verma is the chief executive of Mojostar. Verma was previously associated with e-commerce portal Myntra.com and has also worked for management consulting firm McKinsey.
Mojostar aims to create 3-4 celebrity brands worth upwards of $100 million in each category—fashion, fitness and personal care—in the next five years.
In March, Kwan Entertainment launched Kwan Digital, a marketplace which connects online video streaming platforms like Netflix and Hotstar with directors, writers as well as content creators. Kwan Digital will primarily be involved with licensing deals, content integration, selling digital rights of films, distribution, syndication and talent packaging of content for these digital platforms.
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