More celebrity brands are failing. Adidas is set to lose $200M on Beyoncé’s Ivy Park this year. That's on top of a $1.3B loss from Yeezy. What went wrong? In order to work, a celeb brand needs to get three things right: https://t.co/Orif1kdZt8

When we did Smartwater with Jennifer Aniston , that was the first time I saw an equity-cash combo deal, when Jennifer was a part owner of the company, which then sold to Coke [for $4.1 billion in cash].

But the more interesting development in the business of celebrity is the shift away from advertising.