Brand founder, singer and actress Jessica Simpson, will continue to own the remaining balance of the brand's equity. The amount of the transaction was not disclosed but the deal is expected to close within the next 90 days.
Once the deal is finalized, Camuto Group's will enter into a new long-term license agreement with Sequential to manufacture and distribute footwear for the Jessica Simpson collection brand.
"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," says Yehuda Shmidman, chief executive officer, Sequential. "Sequential is thrilled to partner with Jessica, her team and all the brand's licensing partners, including Camuto Group for footwear. Together with Sequential's global activation platform, we believe
Founded in 2005, the Jessica Simpson Collection is a signature lifestyle concept inspired by and designed in collaboration with Simpson. The brand is currently present in 31 product categories including footwear, apparel, fragrance, fashion accessories, maternity apparel, girls' clothing and home décor supported by close to 20 licensees. The Jessica Simpson Collection has strong department store distribution through Dillard's, Macy's, Belk, Lord & Taylor and Nordstrom, with annual retail sales totaling approximately $1 billion.
"I am extremely honored to partner with Sequential Brands Group to continue the growth and integrity of the Jessica Simpson Collection," says Simpson. "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. I'm as committed as I was ten years ago. Here's to the next billion."
Jessica's mother, Tina Simpson, who currently serves as creative director of The Jessica Simpson Collection, will continue to be an integral part of the brand's Los Angeles-based team.
"We are excited to work with Sequential and to continue working closely with Jessica and the Jessica Simpson brand," says Alex Del Cielo, chief executive officer, Camuto Group. "We have enjoyed many years of success with Jessica, and we are committed and looking forward to many more years ahead."
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