Jessica Simpson sells stake in fashion firm : “Here’s to the Next Billion”

Jessica Simpson sells stake in fashion firm : "Here's to the Next Billion"

Jessica Simpson Sells Stake In Billion Dollar Brand, Joins Jessica Alba As Bikini Body Businesswomen.

The New York company said Thursday that it plans to buy a majority stake in the Jessica Simpson brand, which sells clothing, shoes and accessories at Macy’s, Nordstrom and other department stores. Sales for the brand are about $1 billion a year, Sequential said.

Terms of the deal, which is expected to close in 90 days, were not announced.

Jessica Simpson, a singer, actress and reality TV star, launched the brand in 2005 and will continue to own a stake in it. As part of the deal, Camuto Group, which previously held the license to Jessica Simpson, will make and distribute the brand’s footwear.

“I’m as committed as I was 10 years ago,” said Ms. Simpson in a written statement. “Here’s to the next billion.”

Sequential owns several brands, including Avia sneakers, Revo sunglasses and Ellen Tracy clothing. It also owns William Rast, a clothing brand co-founded by pop star Justin Timberlake.

Shares of Sequential Brands Group Inc. finished at $10.67 on Wednesday. They are up 29% in the last 12 months.