Kim Kardashian West revealed in a recent court filing how much it costs to make a deal with the reality star and entrepreneur — and it is far from cheap.
In February, Kardashian West and her corporation, Kimsaprincess Inc., filed a lawsuit against Missguided in the US District Court for the Central District of California, accusing the fast-fashion brand of “unlawful misappropriation” of Kardashian West’s image and persona.
Missguided is known for creating inexpensive replicas of celebrities’ outfits. The company had featured photographs of Kardashian West on social media and its website, in one case posting images of Kardashian West in a golden outfit next to a newly designed, extremely similar golden outfit for sale on Missguided’s website.
Kim Kardashian West’s photo, left, was posted to Instagram just a few hours before Missguided’s now-deleted knockoff, right.
Missguided / Kim Kardashian West / Instagram
Kardashian West argues in the court filing that Missguided’s unauthorized use of her trademarked name and likeness is illegal, as the reality television star would typically be paid hundreds of thousands of dollars for such a deal. In an affidavit filed earlier in May, Kardashian West broke down exactly how much she is typically paid for endorsements.
Kardashian West says she commonly receives $300,000 to $500,000 for “just a single Instagram post endorsing another company’s product that I like.”
For longer-term arrangements, Kardashian West says she typically pursues multimillion-dollar deals, often seeking equity in the licensee. Todd Wilson, who serves as counsel for Kardashian West and Kimsaprincess, said in an affidavit that she has entered into such deals “numerous” times.
Wilson said that a licensing deal he recently negotiated on behalf of Kardashian West with a wearable-consumer-goods company provides a proper benchmark for the value of such a deal.
“Under this license, the company is entitled to use Kim’s name and likeness to advertise and sell its products,” Wilson said. “Kim has some minimal promotional obligations.”
“In consideration, this consumer goods company has agreed to pay cash compensation exceeding $6 million annually, plus a grant of substantial equity in the company,” Wilson continued.
In the case of Missguided, both Kardashian West and Wilson said in the court filing that the star would have demanded a deal with a minimum guarantee of $5 million.
Kardashian West is seeking $10 million in damages in the lawsuit against Missguided. Representatives for Kardashian West and Missguided did not immediately return Business Insider’s request for comment on this story.
“Missguided shoppers know the score — We’re about the look, without the celeb bucks,” Missguided said in a statement to Business Insider in February. “For the record, as much as we love her style, we’re not working with Kim on anything.”
In the affidavit, Kardashian West claims that Missguided’s use of her image makes it appear as if she endorses products she does not, which confuses fans and could discourage companies seeking to pen deals with the celebrity. According to Kardashian West, she frequently turns down potential deals and typically insists upon approving products that are promoted using her name and image.
“Because a significant portion of my business involves the licensing of my name, trademarks, and images, I work very hard to ensure that my brand means something to my fans and to the public, who view the use of my name as the stamp of approval by me,” Kardashian West states.
Source: Business Insider
Kasapreko Wins Outstanding Alcoholic Beverage Company At WABEA
Kasapreko Company Limited (KCL), leading indigenous beverage manufacturing entity in Ghana, has been adjudged the Outstanding Alcoholic Beverage Company of the Year at the 2nd edition of West Africa Business Excellence Awards (WABEA).
The awards event held in Accra over the weekend saw Kasapreko beat competition from other giants in the alcoholic beverage manufacturing category in the sub-region.
The West Africa Business Excellence Awards (WABEA) provides a platform to recognize individuals and companies that play a significant role in the development of various sectors in the West Africa region to attract investors into West Africa.
The Managing Director, Kasapreko Company Limited, Richard Adjei, commenting on the awards, expressed his gratitude to WABEA for recognizing the great work that has been done over the years as a company to promote business growth and expand the economy.
"We at Kasapreko, this award stands as another landmark and a testimony that we are doing something right. It also serves as a motivation for us to do more as people are looking up to us to succeed so that they can also expand their business," he said.
KCL, the only indigenous beverage manufacturing company with ISO Certification and a member of Ghana Club 100, has won several awards both locally and internationally, including being awarded recently by Ghana revenue Authority (GRA) as the Largest Tax Payer of the Year.
Other recent awards include; “Young Manufacturer of the Year 2018” to Mr. Richard Adjei, CEO of KCL, and “Export Manufacturing Company of the Year” at Ghana Manufacturing Awards.
Mr. Gerald Bonsu, Commercial Director of Kasapreko, speaking to the media after the awards indicated that the company is very grateful for such an award and it is not for Kasapreko but for Ghana as well.
"I thank management and staff of Kasapreko Company limited for the hard work set in place to be recognized not only in Ghana but beyond," he added.
The flagship brand product of KCL, Alomo Bitters is in its 20th anniversary. Alomo Bitters is scientifically proven herbal alcoholic drink that has met all International standards and is selling in many countries across the globe.
KCL's mission is to be a multinational company creating lasting value for stakeholders by producing diversified alcoholic and non-alcoholic beverages from herbal and other traditional blends using first class technology.
Kasapreko is a total beverage company, having on its product line different products such as; mineral water, wine, cider, liquor and whiskey.
The One District One Factory (1D1F) initiative by government has recently adopted Kasapreko's new US$20 million factory expansion project in Kumasi to create jobs and help improve living standard of people.
Kasapreko's products are currently selling in several African countries including, Nigeria, Togo, Benin, Cameroon and Liberia. KCL has also been certified by the Food and Drugs Authority (FDA), of New York to sell their products in malls and shopping centre all over America and on flights as well.
Government Will Engage Private Sector To Drive Technological Development – Dr. Bawumia
The Vice President, Dr. Mahamudu Bawumia has reiterated that government will engage the private sector to drive the technological needs of the country.
This, he said will create competition to enable the private sector deliver at a reasonable cost.
Dr. Bawumia was speaking at the Third Africa Leadership Conference organized by the International Advertising Association(IAA) in Accra.
According to him, “the Nana Led government believes in creating the perfect atmosphere for the private sector to develop the technology needed to drive economic development”.
Dr. Bawumia explained that government must play a limited role in competing directly with the private sector but must make the environment comfortable for the private sector to innovate.
This year’s conference which was held under the theme ‘Technology Trends versus consumer choice brought together participants from the advertising industry across the world.
Dr. Bawumia used Ghana’s recent achievements in the technology space as a good example that African countries can emulate by reserving the area for the private sector.
Recounting how Ghana has used technology in recent times to solve some challenges at the ports and in the health sector, Dr. Bawumia encouraged African countries to pool their resources to solve common problems since most of them are trans-border.
He maintained that the Nana Addo government is ready to partner other African countries on the continent to drive economic changes through technology.
Cultivation Of 200-Acre Avocado Plantation Begins In Abuakwa Under 1D1F.
A 200-acre avocado plantation is under cultivation in Abuakwa in the Eastern Region, the first phase of an agro-processing project under the One-District-One-Factory (1D1F) programme.
Project champions, Akuapem Gold Agro Processing Limited, has targeted to cultivate 2,000 acres of three varieties of avocado within the next year and scale it up to 10,000 acres within the next five years
The construction of the factory, the second phase of the agro project, has started. The factory will have a processing capacity of six to eight tonnes per hour, according to the Chairman of Akuapem Gold, Albert Wilson.
On Monday, May 20, Okyehene, Osagyefuo Amoatia Ofori Panin, led top dignitaries in the agric-value chain to inaugurate the avocado cultivation and process project.
Minister for Agriculture, Dr Owusu Afriyie Akoto; National Coordinator of the 1D1F, Gifty Ohene-Konadu; CEO of the Middle Belt Development Authority, Joe Danquah among others were among those present.
Speaking at the project inauguration, Mr Wilson said the long-term objectives of the wholly-owned Ghanaian company fits within the targets of the government’s 1D1F programme.
“The project rationale is many folds and the realization of the corporate goals of Akuapen Gold will mean a significant contribution to the social economic development of Ghana.
“Among the several significant benefits that nation will derive from the company are: employment generation both direct and indirect, assured market for similar crop producers within the catchment area and beyond poverty reduction, positive impact of our inter-crops for the food security needs of the country, sustainable foreign exchange reserves from exports, contribution to the training of rural youth in agriculture…the aggregate of all these contribute to real development,” he said.
The project is expected to create least 5,000 direct and indirect jobs when it becomes fully functional.
The siting of the project in Abuakwa in the Eastern Region, Mr Wilson explained is because of the favourable agro-environment for the cultivation of avocado.
The Agric Minister said avocado, which he called “a wonder crop” is fast gaining a reputation as a new commercial crop globally and touted the Abuakwa avocado project as timely.
“Avocado is a crop of the future…the total of world trade in avocado is over $16 billion and it’s growing at a very fast rate at nearly 10% per annum,” the Minister said.
Akuapem Gold’s avocado cultivation and processing project is being funded by Ghana Exim Bank
1D1F progress so far
According to figures presented by the government, some 181 factories have so far been rolled out under the 1D1F programme since its launch in 2017.
Fifty-seven of them are currently operating, while 22 are still under construction. Government says 33 factories that are being financed by seven local banks will commence implementation before the end of 2019.
Another 56 being small-scale processing facilities and financed by the African Development Bank (AfDB), will commence before the end of 2019. $200,000 has been earmarked for each of the 56 projects.
The 56 small-scale processing facilities will be owned by youth groups who will be trained to manage the facilities.
Gov’t Considering Tax On Mobile Money – George Andah
Deputy Minister of Communications George Andah has said that government is strongly considering slapping a tax on the fees and commissions mobile money companies earn from individual transactions.
Mr. Andah speaking at the Ghana Digital Roadmap levent ast week said it should be possible for government to explore revenue opportunities in the mobile money ecosystem suggesting that the mobile money companies should brace up for possible taxation.
While taxing mobile money has been a thorny issue, Mr. Andah’s comments suggest that government is purposely targeting the income the mobile money companies earn from doing individual transactions.
“I think the focus is to understand the value of money that the mobile money operators are making. So, the transactions, cash in-cash out, those monies that the operators are making, government should be able to tax that money.
“As to whether the actual transactions being made by subscribers should be taxed, we have not started that discussion. But as far as the money they are making from subscribers for transactions they are doing and they are not reporting that as taxable income, we should be able to understand and tax them,” the Deputy Minister said.
The Deputy Minister’s suggestion comes on the back of weak domestic revenue performance, pushing government to look at other sources to boost revenue.
The use of mobile money continues to grow every day with last year data mobile money grew by 43.2 percent from the previous year, with transaction value hitting over GH¢233billion.
It has even overtaken cheques as the largest payment system in the country, as the value of cheque transactions last year was GH¢203 billion – a sure sign of the looming threats the OBG report has highlighted.