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August 07, 2006
Bono Buys Into Forbes, Launches Product Red in US and Expands His Brand.
U2 singer Bono, aka Paul David Hewson, is on a fascinating capitalist roll, buying into Forbes.com and Forbes magazine through an entertainment private equity fund called Elevation Partners .
At the same time, Bono is poised to expand his Product Red initiative to the US. Launched at the World Economic Forum in Davos last January, Bono persuaded American Express, Armani, Gap, and other companies to donate 1% of what consumers spend, using a special red AMEX credit card, to fight AIDS in Africa. Boston-based ad agency Modernista, working on this account.
I understand Bono's Product Red initiative. Bono has long been involved in the fight against AIDs. He traveled throughout Africa with the US Treasury Secretary years ago for this. It's terrific that this rock & roller is so socially active. And his involvement enhances his "brand" image as well. Buying into Forbes takes Bono into strictly business space (Forbes Capitalist Too). Will it enhance his image as lead singer for U2? Probably not. It will enhance his rep as savvy business person.
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The Gap gets RED for the holidays from Annansi Chronicles
This winter The Gap will join American Express, Motorolla, Converse and others in support of PRODUCT (RED) and expand its RED product line. 50% of all profits from the sales of (RED) items will be given to The Global Fund to Fight AIDS, Tuberculosis a... [Read More]
Tracked on August 25, 2006 04:24 AM
Of all the capitalist magazines to buy into.
My left leaning mother upon engagement to my more conservative father made him unsubscribe to only one of the two magazines he subscribed to at the time: Forbes and Playboy. FYI: It wasn't Playboy.
Elevation Partners is supposed be investing in progressive companies. I think he's losing his cred in multiple ways. Business plan included.
Posted by: DC1974 at August 7, 2006 05:35 PM
Ok Product Red...but why made in China...why not in Africa. Those are more expensive?!
Posted by: Adrian C at October 16, 2006 02:54 PM
IHere's a link to a brand new original song that was inspired by Bono's pioneer relief work in Africa and the Red program.
words and music by Dr. BLT (c)2006http://www.drblt.net/music/Red6.mp3
Bruce L. Thiessen, aka Dr. BLT
aka Dr. BLT
Blog n Roll Artist
Posted by: Bruce at November 5, 2006 05:38 AM