“Millennials are the most discerning audience. When you’re trying to get to a young audience, being authentic is essential,” said Fishman.

When evaluating whether a celebrity is right for your brand, they should meet a minimum of two of the three pillars of influence, namely cultural, social and credible influence. “When we quantify celebrity influence we look at impressions, traffic, sentiment, retail placement and sell-through,” said Fishman.

Authentic Brands owns 26 brands across fashion, sports and celebrity/entertainment, including the estates of Elvis, Marilyn Monroe and Mohammed Ali.

Fishman discussed a recent collaboration between Juicy Couture and reality star Kylie Jenner, where the star posted three Instagram posts wearing the brand’s clothes and generated 360,000 comments and 5.7 million likes in 24 hours.

“This translated into five billion impressions for our brand in three days and triggered an exclusive collection with Urban Outfitters, which saw 25% sell-through in the first week,” said Fishman.

A recent KPMG study revealed that 50% of consumers cited social media as a key driver of their purchasing behaviour. With more than three billion people using social media, harnessing the power of celebrity can be lucrative, added Fishman.