Jamie Salter, CEO of Authentic Brands Group (ABG), has talked about how Marilyn helped to build his business empire, in an interview with Forbes magazine.
“For Marilyn Monroe, Salter purchased 80% of the Monroe estate in 2012 for a reported $20 million to $30 million before slashing its 300 licensing deals—from T-shirts to refrigerator magnets—down to 80. Then he built the business back up, purchasing the other 20% of the estate and increasing the number of licenses to the sweet spot of 100, focusing on venerable brands that Monroe actually used in life—like Chanel No. 5.
‘You can sell X amount of Marilyn Monroe fragrance at a mass-market retailer, or you can do a deal with Chanel No. 5,’ Salter says. ‘A No. 5 deal doesn’t pay as well, but I think that’s important for the brand because it gives a halo effect. And the truth of the matter is, she wore Chanel No. 5.’
He [initially] went after the Marilyn Monroe business and received a no. But eventually Anna Strasberg, the widow of Monroe’s acting coach Lee Strasberg (to whom she’d left her estate), came back and agreed to a deal to sell 80%. (And three years after Salter bought into Monroe, Strasberg sold him the rest of the business.)
Monroe’s business became so successful in the years following Salter’s arrival that he ended up paying the same amount for the last 20% than he had for the first 80%. He wouldn’t reveal precise numbers, but industry insiders were nevertheless impressed.”