This story belongs to the Fortune India Magazine June 2026 issue.
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THE ERA OF the ‘ego-led’ celebrity endorsement — where an ambassador was selected more to signal a promoter’s personal stature than to drive strategic brand value — may well be dead. What once resembled an extension of hiring popular entertainers for family weddings or for the ‘durbar’ if we went back farther, has matured into a highly sophisticated Equity Transfer Economy. This evolution is defined by a profound shift from mere visibility to a deep, meaning-driven alignment. Modern brands no longer just lease a face; they systematically dip into a celebrity’s resonant values, purpose, and lifestyle. As an interesting new development, contemporary icons are simultaneously leveraging their own equity to architect their own independent commercial ecosystems, creating a powerful, symbiotic loop of mutual value creation.
This systemic shift has shattered old monopolies and reindexed what makes a celebrity truly investible. By prioritising Distinctiveness and Trust over raw visibility, the market has unlocked a wider, highly unconventional spectrum of talent. We see this transformation in the rise of the lifestyle moguls, exemplified by superstars like Alia Bhatt, who have transcended traditional endorsements to build high-equity, IP-owned businesses. Furthermore, in a volatile, high-risk cancel culture, corporate brands are fleeing to the “institutional safety” and unshakeable Coherence of legacy icons like M.S. Dhoni, while balancing high-velocity engagement with Responsibility through figures like Deepika Padukone, who offer genuine ESG alignment and cultural authenticity.