The influencer economy has evolved into a large and rapidly expanding yet increasingly risky industry. From the perspective of its impact on consumers' purchasing decisions, we categorize existing influencers into two categories and investigate the equilibrium pricing and quality of a brand manufacturer launching a collaborative product with an influencer. We further incorporate the brand's risk-averse behavior and the influencer's endogenous and exogenous risk mitigation efforts into the analytical framework. Our analyses reveal that, first, successful collaborations require a safety threshold for the influencer's value. Moreover, expanding the proportion of high-value consumers can lead to more growth than merely increasing the willingness to pay of existing high-value consumers in the collaborative product market. Second, even if risk-averse behavior can lead to tight operational decisions, the brand's revenue increases with the risk cost in relatively low-risk environments. Third, brand's risk management should vary depending on the level of influencer risk mitigation effort. This is because for the top high-entertainment influencers and the micro high-expertise influencers, they prefer to adhere to an exogenously fixed level. While for the micro high-entertainment influencers and the top high-expertise influencers, they are more motivated to discipline themselves endogenously. In the extensions, we explore in certain markets, including partial market coverage, brand and influencer competition, fixed-fee contracting and ethical misconduct risks, which underscore the robustness and provide practical insights.