Anyone who’s visited New York City recently has not been able to walk a few blocks without being reminded “who is King” of that city.
No, it’s not high flying Wall Streeters anymore, it’s Sean Combs – P Diddy – with a NYC advertising blast sponsered by his fragrance partner, Coty. His image and sales pitch are on every bus corner!
As reported here first on Fashion Rules,we predicted that Paris Hilton would be the first celebrity materially affected by the economy’s downturn.The licenses for most of Paris’s products -including all her perfumes – are held by a small company called Parlux, which reported dismal earnings today for the 4th quarter.
That company, now with a total value of under 40 million, is going into hibernation for the rest of the year, desperately trying to save cash.
Needless to say, it seems there will not be any significant media buys for Ms Hilton’s products in the near future, leaving P Diddy unchallenged as fragrance King – and making Paris having to once again hit the streets and clubs to promote her products!
