Saturday, October 11, 2008
Actress Charlize Theron must pay up after her 2006 breach of contract with big time endorser Raymond Weil.
A single hour of bad judgment could cost South African Actress Charlize Theron a whopping 20 Million Dollars. Theron wore a Christian Dior timepiece during a March 15th, 2006 press conference at the Texas Film Festival thereby breaking her endorsement contract with Raymond Weil which states that from the period October 2005 through December 2006 Theron could only be seen in public wearing Raymond Weil high-end luxury watches. Theron's wearing Dior was a big slap in the face for Raymond Weil luxury watch manufacturer who in 2005 was gushing about Theron stating that she was a "stunning and radiant woman who transcends any standard definition, and has evolved into a feminine myth, an icon" and "Like a descent watch she represents beauty ,style perfection and function..." After the Texas Film Festival press conference, many newspapers ran the heading " Charlize Theron wears Dior". in turn Raymond Weil, who had spent millions on a wide-scale add campaign with Theron saw no alternative but to sue.
Yesterday, the Oscar winning actress, learned that she will have to pay $20 million Dollars for "substantial damages." This came after a 32 page judgment which includes quite a few facts about the film stars existence. New York Judge Colleen McMahon ruled that Theron was guilty of blatantly and continuously ignoring the terms of the contract; however, most damaging was during the Texas Film Festival.
In the world of multi-million Dollar endorsements, a breach of an endorsement contract is not unheard of but this could very well be the most expensive.