Sofia Vergara, known for her role on the hit TV series “Modern Family.” But what many don’t know is that Sofia is also a very wise and successful businesswoman and she is the highest paid actress in television today.
The Colombian actress has been a Hollywood icon for decades. She also has started and invested a many enterprises that today has made her a bonafide entrepreneur and she’s excellent at it.
While her beauty may have gotten her in the stage door, it’s her sense of humor that’s kept her there. Sofia was asked in a recent interview for Women’s Health, in which she appeared on the cover-
“Do you ever get tired of people talking about how unbelievably gorgeous you are?”
“No, go on! I know that you know there’s much more to me than that — I mean I’m 45, I’ve been working for more than 25 years. If it had only been beauty, by now I would have been gone. They’re younger and prettier than me now!”
These days, she’s looking for more than just profit; she wants profit with a purpose, which is what slipped her into a new line of underwear. Vergara partnered with fellow Colombian Renata Blacck, it’s an underwear subscription service called EBY, which stands for empowered by you. The company delivers women’s underwear, and 10% of net sales go toward microfinance loans for female entrepreneurs.
“The impact and the profitability of the business are both equally important to me; that is why I invested in this social enterprise,” said Vergara.
Vergara added, in her Women’s Health interview, “You know, I was a single mother. I divorced when I was very young. So I always had to think about money, always business.”
Her marriage to her high school sweetheart lasted only two years. But out of it, came her son. Manolo is now 25 and an actor himself, often appearing in many of his mom’s Head and Shoulders commercials.
These days, Vergara is far away from being short on cash. She’s been the highest-paid actress on television for the past six years with total earnings of $41.5 million a year and this figure does not include her endorsement or business income.
Media outlets, such as Forbes says that Vergara’s role on “Modern Family” accounts for only a quarter of her income. The rest comes from movie roles, speaking engagements, licensing deals and her own businesses.
Her ventures are often aimed at empowerment. “As a woman who has been able to build my career through business, business was the most logical way to enable other women,” said Vergara.
The actress got her start in business in 1994, when she noticed there weren’t many agents representing Hispanics in the entertainment industry. Her response was to find a business solution, so she launched with co-founder Luis Balaguer the talent management firm Latin World Entertainment (LWE).
Los Angeles-based LWE now represents some of the biggest names in Spanish-language TV, and has since expanded into licensing and marketing.
“I believe the most powerful way to have an impact is through business,” said Vergara.
Another recent venture is Raze, a Latino-focused digital media company that Vergara started with Balaguer and Emiliano Calemzuk, the former president of Fox Television Studios.
Vergara did her homework first and conducted months of research before she decided to throw her weight behind EBY. She is actively involved in all parts of the business.
“Sofia has an amazing commercial eye and she really is part of the design process and the brand vision, she’s part of the execution of how to bring the brand to life, so she has her hands in mostly everything,” She is very passionate about her business endeavors, said Black.