Celebrities Cash In On Their Names

(CBS) From amusement parks to table wine, celebrities are rushing to become mini-conglomerates. Jennifer Lopez has a fragrance and two clothing lines. Country star Reba McIntyre is also getting in on the action.

"Charlie's Angels" star Jaclyn Smith has one of the oldest and largest brands, with 300 units of clothing sold at Kmart since 1985. Even though it has been decades since Elizabeth Taylor beguiled audiences in films like "Cat on a Hot Tin Roof," in the marketplace her star still burns bright with her fragrance, "White Diamonds." Marshall Cohen, chief industry analyst for the NPD Group, which tracks retail sales, says consumers will pay up to 25 percent more for celebrity branded products, and fashion is where you'll often find them.

"Celebrity business has grown in the past decade tenfold," Cohen told Sunday Morning correspondent Tracy Smith. "Years ago, there was less than 100 celebrity brands in a multitude of different industries. Today, there are well over 1,000 brands that have celebrity ownership and/or partnerships that cross all kinds of industries.

" Elizabeth Arden CEO Scott Beattie says Taylor's fragrance has sold more than $1 billion in the 15 years since it was launched. He said it is still the No. 1 celebrity fragrance in the United States.

Beattie said fragrances are significant income streams for many celebrities, even those who make a lot of money with other lucrative ventures. It's also profitable for fragrance manufacturers. Celebrity scents are now the leading driver of growth for the entire fragrance industry.

Even Britney Spears, for all her troubles and hair experiments, is launching her fourth Arden scent. "We sold over $300 million globally in fragrances with Britney Spears over the last 2 1/2 years," Beattie said. "We sold over 10 million pieces of product around the world.

" For more on celebrity brands, tune into Sunday Morning at 9 a.m. Eastern Standard Time.