G-Dragon Might Have To Pay 50 Billion Won For Brands’ Contract Penalty+Still Proves His Star Power
Singer G-Dragon’s image was heavily damaged because of the recent drug allegations
In 2006, G-Dragon debuted as a member of ‘Big Bang’ and established himself as a pop culture icon, but his fame was tarnished as he was recently involved in a drug case. Following his simple drug test, his detailed drug test also showed “negative for drug” results, but the label of “drug use” is still following the idol.
It is also expected that G-Dragon’s career as an advertising model will be inevitably affected. G-Dragon was selected as the first Asian male Chanel Ambassador in 2016 and has been active for seven years. Earlier this year, he was also selected as an ambassador for Singapore’s Tiger Beer and BMW SUV’s New XM. The possibility that these brands will charge a penalty cannot be ruled out. The penalty is two to three times the normal down payment and is estimated to be about 10 billion to 15 billion won per brand. If the above brands charge penalties at once, it is worth a total of 50 billion won.
An industry official pointed out, “G-Dragon’s model fee as a global ambassador for Tiger Beer is about 5 billion won. Even if he is acquitted, there is a possibility that the company will charge a penalty for his bdamaged image.”
BMW Korea took down G-Dragon’s ad on social media such as YouTube as soon as the alleged drug scandal broke out. However, G-Dragon voluntarily attended the investigation of Nonhyeon Police Station in Incheon on the 6th of last month in a BMW sedan i7. BMW released a limited edition model called “New XM First Edition” in May, which was called “GD’s Car” and G-Dragon had proved his great promotional effect. The company only distributed 15 of these cars in Korea and it was highly competitive for purchase even at a price of more than 225 million won. 916 people flocked to the online lottery to buy eight units sold first, recording a competition ratio of 115 to 1.
G-Dragon is known as a “walking company.” Considering that YG Entertainment’s stock price fell 7.14% and its market capitalization evaporated KRW 100 billion on the news of the expiration of G-Dragon’s exclusive contract in June, some analysts say that his contract worth is around KRW 1 trillion. In addition, everything he wears as a fashionista draws attention. The “L’HAS” suits, “OROR” glasses, and “Chanel” cardigans he wore during interviews with media outlets were all sold out.
Source: Nate
