Jessica Simpson speaks out after reclaiming '100% ownership' of her billion-dollar business
According to Forbes, the brand brings in about $1 billion per year at retail
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Jessica Simpson is speaking out after reclaiming "100% ownership" of her billion-dollar brand and name.
The singer, actress, and businesswoman confirmed the news Tuesday on Instagram. "TODAY after 3 years of hearing ‘NO. IT’S IMPOSSIBLE. STAND DOWN. IT'S TOO HARD…’ I am truly humbled to reclaim 100% ownership of MY name and my brand," Simpson captioned a photo in which she posed with her mom Tina.
"It was a long journey getting to this point. I was told no, that brand ownership was out of the question, that I was not relevant enough, and I would never have 100%. My mom @tinasimpsonofficial and I remained steadfast, patient, determined, brave, and STRONG," she continued.
"TODAY we can look back and say we BEAT ALL ODDS stacked against us. We withstood the battle and today we CONFIDENTLY claim victory! The entire Jessica Simpson Collection belongs to us!" Simpson concluded.
WHAT IS JESSICA SIMPSON'S NET WORTH?
Simpson started the self-titled brand in 2005 and owned (along with Tina) 37.5% of the brand. They started buying back portions of the company after its parent company Sequential Brands Group Inc. filed for Chapter 11 bankruptcy protection back in August.
Jessica Simpson confirmed she and her mom, Tina, have reclaimed 100% ownership of her self-titled brand, The Jessica Simpson Collection. (Amy Sussman/Getty Images / Getty Images)
Sequential once owned 62.5% of the brand after purchasing it from the Camuto Group in 2015. Simpson's original deal was with Nine West co-founder Vince Camuto and it found so much success it expanded into clothing, shoes, perfume, accessories, luggage, and currently holds 22 licenses.
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"It means the absolute world to me to be able to take over complete ownership of my brand," Simpson told Footwear News in October. "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."
Jessica Simpson attends a press conference to launch her new line of body care and fragrance products on February 9, 2005 in New York City. ( Evan Agostini/Getty Images)
Bloomberg reported in September that Simpson offered up $65 million to buy the brand back at auction. According to Forbes, the brand brings in about $1 billion per year at retail.
Simpson said she credits her brand’s longevity to the mentorship and guidance she received from late shoe designer Vince Camuto – who she said was an early adopter and saw a vision for her success.
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Simpson started the self-titled brand in 2005 and owned (along with her mom Tina) 37.5% of the brand. (Photo by Taylor Hill/FilmMagic / Getty Images)
"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," she said. "After six months in the business, Vince knew."
Fox Business' Julius Young contributed to this report.