Jessica Simpson Considered Borrowing 'Against Their Homes' To Buy Back Her Billion Dollar Brand
Jessica Simpson shares details about how the two-year battle to regain full control of her fashion empire began.
In an interview with Bloomberg Businessweek released on Wednesday, the 41-year-old fashion designer and singer recalled that efforts to regain full ownership of the Jessica Simpson Collection began one day in 2019 when she was hospitalized with severe bronchitis while she was 34 weeks pregnant. of her third child, Birdie. Mae.
That same day was when she and her mother Tina Simpson, president of the business, initiated a plan to fight for full ownership of the company, according to the media outlet.
"We will borrow against our houses," Jessica told Bloomberg Businessweek as she recalled what she would have done to regain control of the fashion line at the time. "Even if I have to go live in a little, tiny place in Ireland, I will."
That same year, Jessica and Tina realized that Sequential Brands Group Inc., which bought a majority stake in Jessica Simpson Collection in 2015, was experiencing financial difficulties.
Jessica and Tina owned a minority stake (37.5%) in the company when Sequential Brands Group Inc. purchased a majority stake in Camuto Group in 2015.
The two weren't going to sit back and watch the brand go under with Sequential Brands Group Inc. in 2019. Eventually, the two approached Sequential Brands Group Inc. to regain full ownership.
"My name was on it," Simpson said. "I never walk away from my name."
Sequential Brands Group Inc., filed for Chapter 11 bankruptcy protection in August 2021.
By October 2021, Jessica had finally regained full control of the company.
In a Footwear News cover story at the time, Simpson talked about her success saying, "It means an absolute world to me to be able to take full ownership of my brand."
“After 16 years in business, I feel ready to face this exciting next phase with open arms. I know the sky is the limit when my mom, our amazing team and I are completely hooked on our clients. "
Tina opened up to FN about the positive future of the deal established for the brand. “For all of our amazing, talented and hard-working licensing partners, knowing that Jessica is at the helm gives them strength and faith in the future,” she told the outlet. "And for Jessica to regain control of the brand that bears her name, it allows her and I, along with our incredible team, licensing partners and retailers, to build the inherited brand to continue with her children and her family."
