What Is A Celebrity Multi-family Office?
Celebrity ships turn up the dial on amenities
DFree/Shutterstock Ashton Kutcher We wanted to build our marketplace organically without the public help of celebrity investors, Poshmark chief executive Manish Chandra told VentureBeat. The timing of announcing celebrity investors is a big question startups should ask themselves. Poshmarks app lets its mostly female userbase set up shops to sell clothing, accessories, and shoes. People can buy from these shops at any time, but Poshmark sets up special, daily Posh Parties, or themed virtual selling-events. The company then takes a cut of the transaction. Some women have made over $100,000 selling through the app and have started Poshmark-based businesses. Joe Seer/Shutterstock Rachel Zoe can we talk about how cute she and Kutcher look with their matching bucket hats and sunglasses? The company suspects that over $350 million worth of inventory will be uploaded to the app by the end of the year, though it wont give out specifics on how much has been sold or revenue figures. This weekend in Las Vegas, Poshmark will hold its first Poshfest, a weekend-long event to encourage its community. Rachel Zoe will introduce herself as an investor to the community at that time through a special video. Chandra sees Poshfest as a turning point for his company. Up until now he has spent energy on getting his users addicted to an app that really does give back. But with the celebrity endorsements out there, Poshmark may soon earn more celebrity of its own. We plan to build a significant independent company, Chandra said after we asked if he had plans to take the company to an initial public offering.
Poshmark’s secret celebrity investors: Ashton Kutcher, Rachel Zoe, more
Follow Comments Following Comments Unfollow Comments In order to address the needs and wants of certain unique wealthy populations, multi-family offices are continually developing new operational structures. One example of this is the celebrity multi-family office, which is designed to meet the needs and wants of highly successful entertainers and athletes. Celebrities can especially benefit from the coordinated approach, characteristic of a multi-family office, explains Richard Flynn, principal with the Rothstein Kass family office group . Of course, the staff must be expert at overseeing the integration of investment management, advanced planning, private investment banking, business strategy, and related support services. While most high-profile successes appear to have a charmed life, there is usually an intense back-story filled with frustrations and anxieties that cannot be overlooked. Even when they have achieved levels of fame and fortune long sought in our culture, most celebrities find their status has its drawbacks. Were all familiar with the stories about bankruptcy and overspending in show business, says Hannah Shaw Grove, executive editor of Private Wealth magazine and principal of the boutique consultancy HSGrove . Most entertainers and celebrities have a limited window in which they can earn consistently high incomes, so they need a strong team of professionals around them to help protect and leverage their assets into something greater. Athletes dont fare much better. Every move an athlete makes is observed, analyzed, and frequently second-guessed by coaches, managers, teammates, fans, and members of the press. Since a great number of people and organizations, such as sports federations and commercial sponsors, rely on winning athletes to generate revenue, its understandable that most athletes feel the pressure and are afraid of failure. Celebrities seeking a financial advisory relationship are increasingly attracted to the multi-family office model, which integrates select core aspects of a business managers job with a broad array of financial and legal expertise. According to Miguel Forbes , vice chairman of the Forbes Family Trust, Successful entertainers and athletes are turning to multi-family offices, who can help them navigate their financial worlds and are nimble enough to offer business strategy and support services specific to them. Celebrity multi-family offices offer a broad array of expertise, including advanced planning, which is a suite of cutting-edge services that help wealthy individuals and families structure their assets to be as tax-effective and secure as possible. According to Frank Seneco, president of Seneco & Associates , The ability of entertainers, for example, to leverage their loan-out corporations can prove extremely profitable. Advisors in multi-family offices can also offer business strategy and support, handling licensing agreements or business ventures with the celebrities names attached and helping them capitalize on their success to generate significant monies. All too often, less knowledgeable advisors will let celebrities not well versed in these areas dive into business deals with a very limited chance of success.
Blu, reserved exclusively for guests booked into the AquaClass category staterooms, serves clean cuisine an extension of the relaxation-meets-healthy-living aesthetic. Dinner entrees include blackened ahi tuna with Forbidden Rice, baby bok choy, spicy onion and white sesame seed vinaigrette, as well as pan-seared filet mignon with celery root puree, green asparagus, cabernet confit shallots and olive oil beef jus. Guests staying in suites can also dine at Blu with an additional recommended gratuity of $5 per guest. The Solstice Class ships include a wide range of special dining options (for a $35-$45 surcharge) including Murano, traditional and elegant where youll find foie gras and escargot; Qsine, which fuses technology and an adventurous approach to dining; and the Tuscan Grille, an Italian steakhouse/wine cellar where cruisers can let down their hair a bit. The Solstice and Solsticized ships include new verandas, new furniture and flat-screen TVs, bedding and carpeting in the suites, and retain the contemporary feel of this class of ship details that add to the fleets reputation. I like Celebrity for its modern, luxury feel, Walsh said. Celebrity is offering several specials, including round-trip air to Europe for $999 for suite-level passengers sailing June through August 2014 aboard the Celebrity Reflection, Celebrity Silhouette, Celebrity Eclipse, Celebrity Equinox, Celebrity Infinity or Celebrity Constellation. (For a complete list of specials, go to celebritycruises.com.) Cruise Travel Outlet is offering its own special that provides limo service to and from the airport for passengers booking suite-level accommodations. (To take advantage of the special, call 800-498-7245 or go to cruisetraveloutlet.com.) The gaming room is open For some, cruising is all about convenience and relaxation. A new Celebrity offering allows its guests to make the most of both. Passengers will soon be given the opportunity to enjoy their favorite games of chance without even being inside the casino. The process is simple: Download a new mobile application, called Cantor Mobile Casino, to your tablet or smartphone, create and stock a virtual wallet (with non-virtual currency) and prepare to score baby a new pair of shoes. Virtual gamblers will be able to play slot machines, video poker and table games from anywhere once the ship hits international waters.