MUMBAI: In what could potentially be the big daddy of the retail and entertainment business market in India, celebrity management firm KWAN Entertainment and brand management and licensing agency Dream Theatre have come together to create Mojostar -a celebrity-driven house of brands.
Mojostar will focus on partnering with celebrities, in the world of entertainment and sports, to co-create authentic, retail brands in the areas of fashion, fitness and personal care.
“Agencies typically sign deals, the likes of HRX by Hrithik Roshan, All About You by Deepika Padukone but this (initiative) is not about an agency doing deals. We are going to invest in this business and manufacture our own products,“ Anirban Das Blah, managing partner of Mojostar and founder of KWAN Entertainment, told ET.
KWAN Entertainment, Dream Theatre, Blah and Jiggy George, founder of Dream Theatre, have invested in the new business with the two taking up the roles of managing partners. Blah declined to share details on the holding structure of the company, adding, however, that the duo had earmarked an investment of $30-40 million over the next 2-3 years into Mojostar.
“We will invest in product development, design, manufacturing, marketing and Mojostar as a standalone independent business will build out brands in these areas. In the next 5-7 years, we are looking to build at least 4-5 brands worth $100 million,“ said Blah.
Mojostar has roped in the former head of fashion brands at Myntra, Abhishek Verma, as its chief executive officer and has also signed deals with three artists to launch brands starting 2018. Film actors Jacqueline Fernandez and Tiger Shroff are among the first to be signed and will work with Mojostar to develop a product range in the areas of fitness and fashion.
As a business model, Mojostar will bring on board each celebrity as a partner in the business for each product they create. “Celebrities will have equity ownership in the business as they come on board. Each brand will be in partnership with a celebrity and they will own an equity stake at a brand level,” said George, declining to share details on the equity ownership structure.
Through Mojostar, Blah and George are looking to create a house of celebrity-led retail brands akin to international labels such as those by Kate Hudson, David Beckham and Jay-Z. Mojostar is looking to develop 5-6 brands by 2019 with the first three launching as early as next year.
“I don’t think it’s an unrealistic goal if we are funding them independently. If we are not doing revenues worth $500 million in 10 years from now, I would be disappointed,” said Blah, outlining his outlook for the new business.