The company signed an agreement to acquire a "majority stake in the Jessica Simpson brand, including the Jessica Simpson Collection master licence and other rights, for an undisclosed amount of cash and stock," WWD reports. The singer and reality television star-turned-designer will continue to own the remainder of the company.
"It's humbling to think that we now have 31 product categories in the collection," Simpson said following the announcement. "Together with my mom, Tina, and the rest of the JS team, we are always looking for new ways to reach our consumers. I have a passion for home design, so I'm excited to expand on our home and lifestyle offerings. I also look forward to further developing our e-commerce site and taking our brand all over the world."
Vince Camuto - the founder and chief executive officer of Camuto Group, who passed away in January - bought the master licence for Jessica Simpson, then a footwear label, in 2005 for $15 million, and his company will continue as a licensing partner. Under Camuto's guidance, Simpson added multiple product categories to her eponymous label, leading to its valuation as a billion-dollar company in 2012.
"I'm as committed as I was 10 years ago," Simpson added. "Here's to the next billion."