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Purpose

The purpose of this study is to outline a conceptual framework that can be used to organise and guide future research into how celebrity product endorsement creates equity for both the endorsed product‐brand and the endorsing celebrity.

Design/methodology/approach

The theoretical perspective adopted in this study is that celebrity product endorsement is a form of co‐branding.

Findings

The central thesis is that both endorser image and brand image serve as mediators in the equity‐creation process of celebrity product endorsement.

Originality/value

Research contributions and directions for future research are provided.

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