former first lady michelle obama has quietly been a business titan earning $70 million from deals with Spotify, Netflix and even influencing the fashion industry.
According vanity loungein her eight years as first lady, Obama pumped more than $2 billion into the ‘retail sector’ from her fashion choices alone and the companies saw ‘a stock gain 2.3% when she dons their products, five times that of a typical celebrity endorsement.”
This isn’t the first time an endorsement from Michelle Obama has led to more money for a brand. When she and the former president barack obama sign their Spotify deal in 2020, the streaming platform’s stock jumped 5% and led to an increase in subscribers.
“Spotify’s total monthly active users and premium subscribers increased 31% year-over-year to 286 million and 130 million, respectively, in the first quarter,” Nasdaq reported.
Despite the success of the Spotify deal, it’s fashion where Obama has made his mark. Because she wasn’t paid to wear brands according to David Yermak of the harvard business reviewwomen who looked to the first lady for their clothing choices may have placed more importance on what she wore.
“The stock price gains of the companies whose clothes she wore in public appearances – 29 brands in all – are abnormal cumulative returns. In other words, the returns cannot be attributed to normal market variations,” wrote Yermak: “Some companies that sell clothes that Obama wears frequently, like Saks, have made long-term gains.”
Plus, Obama has a knack for mixing expensive, exclusive fashion with everyday items from stores like J. Crew and Anne Taylor.
The Obamas also have a deal with Netflix, which airs their puppet show that teaches kids about healthy eating, Waffles + Mochi.
The former first lady is still hard at work, helping girls of all races follow in her footsteps through the Girls Opportunity Alliance which seeks to empower adolescent girls around the world through education, enabling them to realize their full potential and transform their families, communities and countries.