,type=downsize)
Could Jessica Simpson be the next Bill Gates? After building her fashion andlifestyle company into a $1 billion empire, the singer is hoping to triple herprofits after it was announced that the Jessica Simpson Collection has beentaken over by Sequential Brands Group Inc. According to Women's Wear Daily, the company wants to hit the $3 billion mark by refocusing oninternational growth.
Jessica Simpson's company is hoping to make $3 billion Photo: Getty Images
"I am extremely honored to partner withSequential Brands Group to continue the growth and integrity of the JessicaSimpson Collection," the 34-year-old said in a statement about the newpartnership. "Working together with the powerful management team atSequential and with all of our trusted retailers and licensees, includingCamuto Group, there is no limit to our success. I'm as committed as I was 10years ago. Here's to the next billion."
Designer Vince Camuto was a key player in Jessica's success Photo: Getty Images
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 shoeline to a fashion, footwear, apparel, fragrance and home line. “She hasa keen insight into what her customers want: exceptional value," VinceCamuto said of mom-of-two's success. "She is committed to developing a visionand [is involved in everything,] from selecting materials to determining theprints and styles that work best for a woman’s body.”
Jessica's husband Eric and two children Maxwell and Ace support her at an event for her collection Photo: Getty Images
The new deal, which is expected to close in thenext 90 days, has been completed for an undisclosed amount of cash and stock. “Weare excited to work with Sequential and to continue working closely withJessica and the Jessica Simpson brand," said Camuto Group CEO Alex Del Cielo in a statement. "We have enjoyed many years of successwith Jessica and we are committed and looking forward to many more yearsahead.”
Sequential Brands also owns Heelys, Ellen Tracy and Justin Timberlake’s celebrity label, William Rast.