Singer/actress Jessica Simpson’s 10-year-old shoe, fashion and accessories brand rakes in more than $1 billion in sales annually in over 30 categories—and it’s about to add another big bump to her wallet.
Simpson is selling off more than 50 percent of her brand to Sequential Brands Group, the firm that owns brands such as Linens n Things, Heelys and Justin Timberlake’s William Rast, as well as the license for Franklin Mint. The deal is reportedly valued at less than the $260 million Sequential spent on Galaxy Brand Holdings last year, according to the Wall Street Journal.
The sale is technically of Camuto Group, the company that started the Simpson brand with her in 2005 and lost its founder, Vince Camuto, when he died in January, Footwearnews.com reports.
Simpson’s brand can be found in many stores such as Macy’s, Dillard’s and Nordstrom. Despite being a minority owner, Simpson will “remain actively involved in the design process,” a source tells the Journal. Sequential hopes it can find new markets for the brand via ecommerce.
Simpson has always been heavily involved, a fact that Camuto said in a 2013 interview was crucial to the brand’s success. “She has a keen insight into what her customers want: exceptional value,” he said. “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.”
Simpson credits her brand’s success to keeping her designs focused on reality. “When I’m in approval or inspiration meetings, I think of what I want my Nana to wear, and what my 2-year-old daughter Maxwell would look adorable in,” she told Forbes last year.