Jessica Simpson and her mother Tina Simpson have officially re-acquired full ownership of The Jessica Simpson Lifestyle Brand, the brand announced Wednesday.
Sequential bought the majority share from Camuto Group in 2015 but filed for Chapter 11 bankruptcy protection in August. In September, the singer opened up to FN about buying back her business as she and Tina were in the midst of negotiations with Sequential Brands Group Inc. At the time they owned 37.5% of the brand they founded in 2005.
Now, the deal has been sealed.
“I am humbled to reclaim 100% of my brand and my name. I am so proud of the work we have done in building a complete lifestyle brand that is fashion forward and relatable to all kinds of women,” Jessica Simpson, CEO of the Jessica Simpson Collection, said in a statement. “It is my honor to partner with the greatest leader, my mom, for this next phase that will see us continuing to bring our customers a quality product at an affordable price point.”
Jessica Simpson will continue to serve as CEO of the brand while Tina will serve as the brand’s president. The licensing partnerships for the brand will remain, including the Camuto Group’s partnership with Jessica Simpson’s footwear collection, which has been extended through 2029.
The brand will also seek out new licensees, including EDX Fitness for equipment and accessories, DGL Group for beauty tools, Amrapur for pet accessories and Jacmel for demi-fine jewelry. In an Instagram post on Tuesday, Jessica Simpson said she was meeting with partners to explore new categories for the collection, including skincare, furniture, and health and wellness products.
In November, Jessica Simpson took to Instagram to announce the news that she owns 100% of her namesake business.
“After 3 years of hearing ‘NO. IT’S IMPOSSIBLE. STAND DOWN. ITS TOO HARD …’ I am truly humbled to reclaim 100% ownership of MY name and my brand. It was a long journey getting to this point. I was told no, that brand ownership was out of the question, that I was not relevant enough, and I would never have 100%,” Simpson posted.
“My mom @tinasimpsonofficial and I remained steadfast, patient, determined, brave, and STRONG. TODAY we can look back and say we BEAT ALL ODDS stacked against us. We withstood the battle and today we CONFIDENTLY claim victory! The entire Jessica Simpson Collection belongs to us,” she added.
“It means the absolute world to me to be able to take over complete ownership of my brand,” Jessica told FN. “After 16 years in business I feel ready to meet this next exciting phase with open arms. I know the sky is the limit when my mom, our incredible team and I lock into our customers completely.”
The watershed moment also brings a sense of pride to mom Tina, who said this has been the team’s main goal for some time. “For all of our hard-working, talented, amazing licensing partners, to know Jessica is at the helm gives them strength and belief in the future. And for Jessica to regain control of her namesake brand, it allows her and I, alongside our amazing team, licensing and retail partners to build the legacy brand to carry on to her children and family,” she said.
Jessica and Tina financed the deal with themselves, with extra funds from First Eagle Alternative Credit and WhiteHawk Capital.
“First Eagle Alternative Credit is excited to be part of the financing and looks forward to supporting the Company’s strategic growth,” said Larry Klaff, senior managing director for First Eagle Alternative Credit.