Benzinga - by Aaron Bry, Benzinga Editor.
Country Music Hall of Famer Dolly Parton has a new line of breakfast products.
What Happened: The "Jolene" singer made the announcement Tuesday, on The Today Show.
The line, part of a partnership with Duncan Hines and its parent company, American food conglomerate Conagra Brands Inc (NYSE: CAG), will include a variety of mixes: buttermilk, blueberry muffin, chocolate cake and more.
Parton and Duncan Hines first teamed up in 2022 to release her line of baking mixes, and are now looking to challenge morning staples like General Mills’ (NYSE: GIS) Bisquick and Pepsi Co’s (NYSE: PEP) Pearl Milling Co pancake mix (formerly known as Aunt Jemima).
Parton, who was inducted into the Rock & Roll Hall of Fame in 2023, is just the latest celebrity to back consumer goods like food and apparel.
Why It Matters: Over the years, Parton has launched several successful business ventures separate from her singing career.
In 1986, the "9 to 5" star bought Dollywood, a Smokey Mountain theme park in Pidgeon Forge, Tennessee. It reportedly entertains about two million guests each year.
Parton also owns a dinner theater called Dolly Parton’s Stampede, which features immersive live entertainment and southern foods. And in 2015, she opened DreamMore Resort, a southern-inspired family resort.
Celebrities teaming up with companies to come out with branded products is nothing new. Notable examples include Ryan Reynolds’ partnership with American Aviation Gin and Roger Federer’s investment in On Holding AG (NYSE: ONON).
Other famous examples include George Foreman’s miniature grills and Paul Newman’s Own salad dressings. But recently, some of these stars have been cashing in big time on their equity of growing brands, as opposed to simply just taking a check to endorse or be tied to a product.
Reynolds and his business partners sold Aviation Gin to Diageo plc (NYSE: DEO) for more than $600 million, reportedly netting more than $100 million on the deal himself. Meanwhile, tennis legend Federer owns somewhere around 3% of On Cloud running shoes, with his equity in the company surpassing $150 million when the company went public in 2021, according to Forbes.
Kim Kardashian is set to make hundreds of millions more when Skims, the shapewear company she co-founded, goes public later this year. Kardashian’s half-sister, Kylie Jenner, built her cosmetics to a billion-dollar venture, according to Forbes.
The playbook for starting a successful business and product line in 2024 is out there. You just have to be rich and a celebrity first — the rest is easy.
Now Read: EXCLUSIVE - The Next Big IPO? It Could Be Kim Kardashian-Backed Shapewear Company, Says Expert
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