Jessica Simpson just scored a major victory. The "With You" singer has regained full ownership of her self-titled fashion brand. The victory comes amid reports that Sequential Brands Group Inc., the parent company of Simpson's widely successful fashion line, filed for Chapter 11 bankruptcy protection.
People magazine reports that Simpson, 41, and her mom Tina Simpson worked diligently to regain ownership. In 2015, the mother-daughter duo owned a minority stake of just 37.5% in the company. At the time, Sequential Brands Group Inc. purchased a majority share from Camuto Group.
"It means the absolute world to me to be able to take over complete ownership of my brand," Jessica told Footwear News. "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."
Tina is equally excited for what's to come, adding, "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," she said. "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."
Jessica names famed designer Vince Camuto as her mentor and thanks him for his guidance along the way. "Never in my wildest dreams could I fathom being part of a true lifestyle collection brand that has been at the top of its game for 16 years, but Vince could," Jessica said. "After six months in the business, Vince knew."
The fashion brand houses clothes, shoes, and accessories. Customers can shop online or in-store at places such as Macy's and DSW. The brand initially launched in 2005 and quickly became a top contender in the industry. It's now valued at over $1 billion.