Jessica Simpson has already turned her fashion and home goods company into a billion-dollar brand, and now the singer and actress is linking up with a retail powerhouse to grow it even more.
This week, Simpson announced that she sold a 50 percent stake in her eponymous brand to Sequential Brands Group, Inc., one of the biggest brand promoters in the retail world. Simpson’s brand had previously been managed by Camuto Group.
Simpson’s brand sells everything from clothes to shoes and even home goods, and has amassed annual sales of $1 billion.
“I am extremely honored to partner with Sequential Brands Group to continue the growth and integrity of the Jessica Simpson Collection,” she said in a statement.
“Working together with the powerful management team at Sequential and with all of our trusted retailers and licensees, including Camuto Group, there is no limit to our success.”
While she’s turning over a big stake in her company, Jessica Simpson said she will still remain actively involved.
“I’m as committed as I was ten years ago. Here’s to the next billion,” she said.
In fact, Simpson said she hopes to find ways to spread the brand even further. Vanity Fair noted that Sequential Brands Inc. is set to expand the brand into a $2 billion or $3 billion company.
“It’s humbling to think that we now have 31 product categories in the collection,” Simpson said following the announcement. “Together with my mom, Tina, and the rest of the JS team, we are always looking for new ways to reach our consumers.
I have a passion for home design, so I’m excited to expand on our home and lifestyle offerings. I also look forward to further developing our e-commerce site and taking our brand all over the world.”
“The success of Ms. Simpson’s brand is a bit of an anomaly in the retail sector. While other celebrity brands have fizzled out, Ms. Simpson’s 10-year-old line has expanded to more than 30 product categories and has a presence in department stores such as Macy’s, Nordstrom and Dillard’s.
Ms. Simpson will still own a significant stake in her namesake brand and will remain actively involved in the design process, one of the people said.”
It’s not clear how much money Jessica Simpson made from selling the 50 percent share of her brand, as terms of the deal were not disclosed.
[Image via Getty Images/ Kevork Djansezian]