Could Jessica Simpson be the next Bill Gates? After building her fashion and lifestyle company into a $1 billion empire, the singer is hoping to triple her profits after it was announced that the Jessica Simpson Collection has been taken over by Sequential Brands Group Inc. According to Women's Wear Daily, the company wants to hit the $3 billion mark by refocusing on international growth.
"I am extremely honored to partner with Sequential Brands Group to continue the growth and integrity of the Jessica Simpson Collection," the 34-year-old said in a statement about the new partnership. "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. I'm as committed as I was 10 years ago. Here's to the next billion."
The major move comes after designer Vince Camuto, who had a $15 million master license for Jessica Simpson Collection, died earlier this year on January 21. He was the catalyst to expanding Jessica's brand from a shoe line to a fashion, footwear, apparel, fragrance and home line. “She has a keen insight into what her customers want: exceptional value," Vince Camuto said of mom-of-two's success. "She is committed to developing a vision and [is involved in everything,] from selecting materials to determining the prints and styles that work best for a woman’s body.”
The new deal, which is expected to close in the next 90 days, has been completed for an undisclosed amount of cash and stock. “We are excited to work with Sequential and to continue working closely with Jessica and the Jessica Simpson brand," said Camuto Group CEO Alex Del Cielo in a statement. "We have enjoyed many years of success with Jessica and we are committed and looking forward to many more years ahead.”
Sequential Brands also owns Heelys, Ellen Tracy and Justin Timberlake’s celebrity label, William Rast.