When Caitlyn Jenner's Vanity Fair cover story burst onto the web last week, social media instantly lit up with buzz about her transformation.

But one group remained uncharacteristically mum on the subject: the big brands, the companies that have crews of agencies and social media managers at the ready to insert their names into far-reaching conversations.

Conspicuously absent from the Caitlyn Jenner conversation were the calculated, brand-approved congratulatory messages that we've come to expect will accompany big cultural moments.

The reality star is not in sponsorship or endorsement talks with any companies as of time of writing, a person familiar with the matter told Mashable.

It's not because Jenner is unlikeable. Rather, by all accounts, she is a cultural heroine. Research firm Q Scores, which provides the benchmark gauge for likability and marketing appeal of celebrities and brands, has yet to release an updated ranking for Caitlyn Jenner. But executive vice president Henry Schafer said he expects a swell in public sentiment when it does next month.

"From what I’ve seen, the American public has been enthralled in the transformation," Schafer said. "I believe there’s a really strong emotional connection with the public, and [Bruce Jenner] did everything right with letting Caitlyn out, in terms of how the public is perceiving [her.]"

While there's no doubt plenty of money to be squeezed from Jenner's Internet-shattering return to the spotlight, brands have thus far seemed reticent about approaching her or even speaking to the subject of gender identity at all.

Opportunism and backlash

Brands may choose not to weigh in on the story for a number of reasons, branding experts said.

For one, transgender people have not reached the same level of mainstream acceptance as gays and lesbians, so some companies may fear alienating parts of their customer base.

There's also a risk of coming off as opportunistic. If a brand's values do not align with those that Jenner now represents, then they could be seen as ham-handedly seizing on what people generally see as a powerful, authentic moment for their own gain, which could unwittingly spark backlash.

And though Jenner may have deftly handled her reemergence into the public eye, her image is still inherently tied to the Kardashian clan, which has its own distinct brand of downmarket headline-crashing that might not mesh with Jenner's new image as a role model and cultural heroine.

Image: Chris Pizzello, file/Associated Press

That said, experts suspect that plenty of brands would not think twice before leaping at the chance to put Jenner's newfound goodwill towards shilling their products.

After all, the one-time Olympic gold medalist just created a moment that history will likely view as iconic step forward for American pop culture. Any brand that does manage to bring her on as a spokesperson will have no shortage of public attention.

Last week, the New York Post reported that cosmetics company MAC was approaching a deal to make Jenner the face of the beauty brand. MAC denied the rumors, and days later, it brought on British pop star Ellie Goulding as celebrity ambassador.

Meanwhile, Jenner signed with talent agency CAA to line up speaking opportunities on her experience and other LGBT issues, indicating that she may have big plans to parlay her fame into an activist role — if not yet a commercial one.

The Wheaties box

No sooner had the Vanity Fair cover story hit the web than social media began to call on General Mills to reprise Jenner's 1977 appearance on the side of the Wheaties box with an updated portrait.

I hope we see @Caitlyn_Jenner on a Wheaties box sometime soon. I mean, if it's still the 'Breakfast of Champions' it seems appropriate. — Nancy Lyons (@Nylons) June 7, 2015

I'm ready for the Wheaties box with Caitlyn Jenner, U.S. flag and Pride flag. — Jed Miller (@jedmiller) June 1, 2015

For its part, General Mills said it would not discuss future marketing plans. In a statement released last week, the company said only that "Bruce Jenner has been a respected member of Team Wheaties, and Caitlyn Jenner will continue to be."

Some see the Wheaties Box connection as a chance for General Mills to stage a bold marketing coup, creating a symbol of a new era of tolerance that would resonate with an increasingly equity-minded public.

Featuring a transgender person in the seminal "Breakfast of Champions" spot would indeed make a splash and raise the profile of the ailing Cheerios maker, which has been plagued by anemic U.S. sales as shoppers toss its packaged foods aside in search of healthier options.

"This is an American hero and an American champion who has had a journey," said Taso Mouhteros, co-founder and president of entertainment branding firm Plum Agency. "It’s one of triumph, and what a statement General Mills would be making with Caitlyn on the cereal box."

Others aren't so sure. Any brand that partners with Jenner will need to already have some social good cachet in order for the match-up to feel like an authentic pairing, said Nancy Hansell, a senior strategist at brand consulting agency Siegel+Gale.

"Caitlyn Jenner's brand is much stronger than a Wheaties box," Hansell said. "That feels totally wrong for her brand."

Rather, she would much sooner expect to see Jenner team up with a brand like Nike or Dove — two corporations that have successfully cast themselves as more in tune with social issues of the day. Even a brand like Cadillac, which is constantly retooling in search of younger customers, would not be out of the question, she said.

Rounding out the T in LGBT

In the past couple years, American advertisers have made leaps and bounds towards more genuinely connecting with gay and lesbian consumers.

Mostly gone are the days when brands would try to subtly hint at gay people without attracting the attention of other consumers, a type of advertising referred to as "gay-vague," according to Joe Landry, who publishes The Advocate and Out Magazine.

In January, jewelry supplier Tiffany and Co. features a gay couple in an ad for the first time in its history. Image: Tiffany and Co.

But Landry says the way popular culture treats transgender people still feels like the place that gay and lesbians were at about 15 years ago.

"I think trans is really the next wave," Landry said. "But I think there is a lot more momentum, and it’s going to happen a lot quicker for trans than gays."

Stars like Laverne Cox, prominent roles in TV shows like Amazon's Transparent and high-profile baby steps in advertising like Marriott International's #LoveTravels campaign have all lifted the public's acceptance of the transgender community.

Jenner's new persona has the potential to give an even greater boost to the cause, and advertisers can help usher that change along.

"When you have a celebrity who has the courage to step in the limelight and represent those values and an advertiser who also walks the same talk and is earnest about supporting [them] then you have a chance to make great progress that would otherwise take perhaps a generation," American Marketing Association CEO Russ Klein said.

The halo effect

On top of the immediate boon of playing to LGBT audiences — a powerful spending group in their own right — a Jenner-endorsed brand would enjoy something that marketers call the "halo effect," wherein the newly minted transgender idol would bestow a progressive sheen on the company.

Of course, that veil of tolerance would lose its luster if consumers sensed that the brand was anything less than enthusiastic about the ideas Jenner champions.

"There’s an old adage: 'You never stand a person on their head in a commercial unless you’re selling a product that keeps the change from falling out of their pockets,'" Klein said. "And it’s always true — when you are using someone simply to attract attention, it’s somewhere between ineffective and offensive."

Up to this point, Bruce Jenner's reputation has more or less lined up with that of the rest of the Kardashian cohort, which has shrewdly crafted a purposely polarizing, yet highly successful brand for itself, Schafer said.

On the other hand, the American public is only just now getting to know Caitlyn, despite her nearly four decades in the media limelight.

"I think there's really a question mark there for a lot of people," Hansell said.