In the past, celebrity business ventures usually consisted of endorsement deals. They would lend their name and support to a product and bring in the royalty dollars. However, recent years have seen a noticeable uptick in the number of stars taking matters into their own hands and founding companies across numerous industries. While the performance of some of these ventures were less than stellar, a few have gone on to do extraordinarily well, cementing the status of their founding celebrities as business leaders.
Read on and check out our list of 5 celebrities with surprisingly successful companies.
Company: Magic Johnson Enterprises
Personal Net Worth: $500 million
The twice-retired legendary point guard for the L.A. Lakers created as much magic in the business world as he did on the court. He is currently the chairman and CEO of Magic Johnson Enterprises, through which he acquired several high performing businesses such as Starbucks outlets, T.G.I. Friday’s and 24 Hour Fitness and even created several foundations for HIV positive children. Magic Johnson Enterprises also aims to develop businesses in diverse urban areas.
Mary-Kate and Ashley Olsen
Company: The Row
Personal Net Worth: $300 million
As mere toddlers, Mary-Kate and Ashley Olsen stole hearts on the hit TV series Full House. After the show ended, the Olsen twins slowly moved out of the spotlight and began building a fashion empire. First, they launched a successful line of affordable clothing under their name that was exclusively sold at Walmart. From there they went on to develop acclaimed street-style clothing through their fashion lines The Row and Elizabeth & James and have now expanded their business to an online jewelry collection.
Sean ‘Diddy’ Combs
Company: Sean John
Personal Net Worth: $700 million
Throughout his rap career, Sean ‘Diddy’ Combs was known under many names such as Puff Daddy, Diddy, and P. Diddy, but his transformation into a businessman is perhaps the most notable. In the early 90s, he founded Bad Boy Records, a record company that helped launch Notorious B.I.G’s career. Soon after, he branched out into non-music businesses through his clothing line Sean John, which he earned the Council of Fashion Designers of America award. His other ventures include a movie production company, two restaurants, and the Ciroc vodka brand.
Company: Rocawear, Roc Nation Sports
Founded: 1999, 2013
Industry: Fashion, Sports Management
Personal Net Worth: $550 million
With a successful music career that spans 20 years, Jay-Z has managed to find success in several business ventures outside the music industry. Apart from being the co-founder of Roc-A-Fella Records, Jay-Z is the founder of Roc Nation brand Rocawear, co-owns the 40/40 nightclub chain, is the former president of Def Jam Recordings. He then went on to found sports management agency Roc Nation Sports, through which he could put his MLB and NBA sports agent certification to use.
Company: The Honest Company
Personal Net Worth: $200 million
Though she made her name as an actress who has consistently been named one of the hottest women on the planet, Jessica Alba’s most remarkable accomplishment to date might be the founding of The Honest Company. The enterprise, which sells a collection of toxin-free baby, body, and household products, is projected to turn a profit of $250 million this year and is currently valued at $1 billion.