Sequential Brands Group said it will acquire a majority interest in the Jessica Simpson brand, including the Jessica Simpson Collection master license and other rights.
Brand founder Jessica Simpson, who selected Sequential as her new business partner, will continue to own the balance of the equity and the transaction is expected to close within 90 days.
Founded in 2005, the Jessica Simpson Collection which has an annual turnover of around $1 billion is a signature lifestyle concept inspired by and designed in collaboration with Jessica Simpson.
The growing brand offers 31 product categories including footwear, apparel, fragrance, fashion accessories, maternity apparel, girls clothing and a home line.
The brand is supported by nearly 20 best-in-class licensees and has strong department store distribution through Dillard's, Macy's, Belk, Lord & Taylor and Nordstrom, among other independent retailers.
Tina Simpson, creative director of The Jessica Simpson Collection, will continue to be an integral part of Ms. Simpson's LA based team.
"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,” Jessica Simpson said in a statement.
"Jessica Simpson is an entertainment and style icon who successfully built an incredibly strong fashion brand with best-in-class licensees and leading retail partners," Yehuda Shmidman, CEO of Sequential said.
"Sequential is thrilled to partner with Jessica, her team and all the brand's licensing partners, including Camuto Group for footwear,” he added.
“Together with Sequential's global activation platform, we believe the brand will continue to grow in current markets and in new markets around the world," he observed.
Concurrently with the closing, Camuto Group's master license for the Jessica Simpson Collection will be replaced with a newly signed long-term license agreement to manufacture and distribute footwear.
Alex Del Cielo, CEO of Camuto Group said, "We are excited to work with Sequential and to continue working closely with Jessica and the Jessica Simpson brand.”
“We have enjoyed many years of success with Jessica and we are committed and looking forward to many more years ahead," he noted.
Sequential has obtained committed financing from Bank of America and GSO Capital Partners LP, an affiliate of Blackstone Group.
Sequential Brands Group owns, promotes, markets, and licenses a portfolio of consumer brands in the fashion, active, and lifestyle categories.
The Jessica Simpson Collection is inspired by and designed in collaboration with Jessica Simpson, entertainment, music and style icon and is currently available in over 2,500 points of distribution worldwide. (AR)
