Purpose Of the three major streams of research in celebrity endorsements, the “Meaning Transfer Model (MTM)” has received the least attention from researchers. In the present study, the authors aim to investigate the basic components of the “Meaning Transfer Model” proposed by McCracken (1986, 1989) and outcome of the flow of meaning through celebrity endorsements. Design/methodology/approach The authors used an interpretive approach to address four broad research questions framed after a comprehensive literature review. Eight focus group discussions (FGD) (along with embedded word association techniques) were conducted among audience from heterogeneous demographic backgrounds from India. Content and thematic analysis were carried out on the FGD transcripts and the word association test results to generate findings. Findings The findings indicate seven themes of celebrity meaning, namely, personality, credibility, physical appearance, feelings, performance, values and cogent power. Most meanings were found to be transferred to a brand via the endorsement. The possibility of reverse meaning transfer and the change of celebrity meanings overtime were also observed. Research limitations/implications The major contribution of the present study is the development of a measurable and applicable model of meaning transfer in celebrity endorsements, along with a set of testable propositions. Practical implications The findings provide a guiding framework for practitioners who would like to use a celebrity endorsement strategy. Originality/value This is one of the first attempts to develop a comprehensive model of meaning transfer in celebrity endorsements that includes sub-constructs of “meaning” and the moderators in the process.