Jessica Simpson in 2022.Photo:Charley Gallay/GettyJessica Simpsonwas willing to put her all into reclaiming her brand, Jessica Simpson Collection.The mom and businesswoman, 42, opened up toBustlein a candid interviewreflecting on the tough financial decisionsshe had to make to eventuallybuy back her own company, founded in 2005, from Sequential, which acquired a major stake in the brand in 2015.Five years later, Simpson decided she wanted to take matters into her own hands.She, alongside her mother Tina, toldBustlethat Sequential wanted to furlough most of the brand’s 10-member team, which included both of the Simpson women. “For me that was disrespectful,” the formerDukes of Hazzardstar said.Tina also saw disaster looming on the horizon. “[Sequential was] headed to bankruptcy. I wanted to make sure we did not get caught up in all that,” she added. (Sequentialfiled for bankruptcyin 2021, according toCNBC.)Tina and Jessica Simpson.John Shearer/GettySimpson realized that she was in a sink-or-swim dilemma, coming to the conclusion that she and her mother were their own “lifesavers” in the ocean of uncertainty.The two retained 37 percent of the business in the 2015 Sequential sale and ultimately brought back the remainder for $54 million in summer of 2021, with Simpson putting her home up for collateral. She also liquidated her stock portfolio, perBustle.Last May, the brand closed on a $67.5 million loan from Second Avenue Capital Partners, which will allow the Simpsons to put money back into their own company, with plans to launch a hair-care extension in 2024.The “Irresistible” singer said she doesn’t have any regrets about what she did. But, she confessed that she has had to rely on her mom for money (and money management help) in certain situations since.“Honestly, she did reach out to me to borrow money. And I said to her, ‘Yeah, let’s talk about it,’ ” Tina said, adding that her condition would be for Simpson to “control” her spending better. (Bustlerevealed that Simpson’s latest shopping trip to a Louis Vuitton store involved an authorization phone call to her mom.)Never miss a story — sign up forPEOPLE’s free daily newsletterto stay up to date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories.“In buying the brand back, I told her, if you’re sure you want to do this, you’re just going to have to tighten up your belt a little bit," Tina said on the advice she shared with her daughter. “You’re going to have to not live not quite as extravagantly.”Jessica Simpson on the cover of Bustle.Daniella MidengeChallenging as it may be, Tina believes that the mother-daughter duo “do a really great job of balancing” their work and personal lives.While speaking withBloomberg Businessweekin 2022, Simpson said she considered“borrowing against her homes,”at the time of the buy back, even if that meant living “in a little, tiny place in Ireland.”In aFootwear Newscover story published in 2021, Simpson added that it meant the “absolute world to me to be able to take over complete ownership of my brand.““After 16 years in business I feel ready to meet this next exciting phase with open arms. I know the sky is the limit when my mom, our incredible team and I lock into our customers completely.”
Jessica Simpson in 2022.Photo:Charley Gallay/Getty
Charley Gallay/Getty
Jessica Simpsonwas willing to put her all into reclaiming her brand, Jessica Simpson Collection.The mom and businesswoman, 42, opened up toBustlein a candid interviewreflecting on the tough financial decisionsshe had to make to eventuallybuy back her own company, founded in 2005, from Sequential, which acquired a major stake in the brand in 2015.Five years later, Simpson decided she wanted to take matters into her own hands.She, alongside her mother Tina, toldBustlethat Sequential wanted to furlough most of the brand’s 10-member team, which included both of the Simpson women. “For me that was disrespectful,” the formerDukes of Hazzardstar said.Tina also saw disaster looming on the horizon. “[Sequential was] headed to bankruptcy. I wanted to make sure we did not get caught up in all that,” she added. (Sequentialfiled for bankruptcyin 2021, according toCNBC.)Tina and Jessica Simpson.John Shearer/GettySimpson realized that she was in a sink-or-swim dilemma, coming to the conclusion that she and her mother were their own “lifesavers” in the ocean of uncertainty.The two retained 37 percent of the business in the 2015 Sequential sale and ultimately brought back the remainder for $54 million in summer of 2021, with Simpson putting her home up for collateral. She also liquidated her stock portfolio, perBustle.Last May, the brand closed on a $67.5 million loan from Second Avenue Capital Partners, which will allow the Simpsons to put money back into their own company, with plans to launch a hair-care extension in 2024.The “Irresistible” singer said she doesn’t have any regrets about what she did. But, she confessed that she has had to rely on her mom for money (and money management help) in certain situations since.“Honestly, she did reach out to me to borrow money. And I said to her, ‘Yeah, let’s talk about it,’ ” Tina said, adding that her condition would be for Simpson to “control” her spending better. (Bustlerevealed that Simpson’s latest shopping trip to a Louis Vuitton store involved an authorization phone call to her mom.)Never miss a story — sign up forPEOPLE’s free daily newsletterto stay up to date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories.“In buying the brand back, I told her, if you’re sure you want to do this, you’re just going to have to tighten up your belt a little bit,” Tina said on the advice she shared with her daughter. “You’re going to have to not live not quite as extravagantly.”Jessica Simpson on the cover of Bustle.Daniella MidengeChallenging as it may be, Tina believes that the mother-daughter duo “do a really great job of balancing” their work and personal lives.While speaking withBloomberg Businessweekin 2022, Simpson said she considered“borrowing against her homes,”at the time of the buy back, even if that meant living “in a little, tiny place in Ireland.”In aFootwear Newscover story published in 2021, Simpson added that it meant the “absolute world to me to be able to take over complete ownership of my brand.““After 16 years in business I feel ready to meet this next exciting phase with open arms. I know the sky is the limit when my mom, our incredible team and I lock into our customers completely.”
Jessica Simpsonwas willing to put her all into reclaiming her brand, Jessica Simpson Collection.
The mom and businesswoman, 42, opened up toBustlein a candid interviewreflecting on the tough financial decisionsshe had to make to eventuallybuy back her own company, founded in 2005, from Sequential, which acquired a major stake in the brand in 2015.
Five years later, Simpson decided she wanted to take matters into her own hands.
She, alongside her mother Tina, toldBustlethat Sequential wanted to furlough most of the brand’s 10-member team, which included both of the Simpson women. “For me that was disrespectful,” the formerDukes of Hazzardstar said.
Tina also saw disaster looming on the horizon. “[Sequential was] headed to bankruptcy. I wanted to make sure we did not get caught up in all that,” she added. (Sequentialfiled for bankruptcyin 2021, according toCNBC.)
Tina and Jessica Simpson.John Shearer/Getty
Simpson realized that she was in a sink-or-swim dilemma, coming to the conclusion that she and her mother were their own “lifesavers” in the ocean of uncertainty.
The two retained 37 percent of the business in the 2015 Sequential sale and ultimately brought back the remainder for $54 million in summer of 2021, with Simpson putting her home up for collateral. She also liquidated her stock portfolio, perBustle.
Last May, the brand closed on a $67.5 million loan from Second Avenue Capital Partners, which will allow the Simpsons to put money back into their own company, with plans to launch a hair-care extension in 2024.
The “Irresistible” singer said she doesn’t have any regrets about what she did. But, she confessed that she has had to rely on her mom for money (and money management help) in certain situations since.
“Honestly, she did reach out to me to borrow money. And I said to her, ‘Yeah, let’s talk about it,’ ” Tina said, adding that her condition would be for Simpson to “control” her spending better. (Bustlerevealed that Simpson’s latest shopping trip to a Louis Vuitton store involved an authorization phone call to her mom.)
Never miss a story — sign up forPEOPLE’s free daily newsletterto stay up to date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories.
“In buying the brand back, I told her, if you’re sure you want to do this, you’re just going to have to tighten up your belt a little bit,” Tina said on the advice she shared with her daughter. “You’re going to have to not live not quite as extravagantly.”
Jessica Simpson on the cover of Bustle.Daniella Midenge
Daniella Midenge
Challenging as it may be, Tina believes that the mother-daughter duo “do a really great job of balancing” their work and personal lives.
While speaking withBloomberg Businessweekin 2022, Simpson said she considered“borrowing against her homes,”at the time of the buy back, even if that meant living “in a little, tiny place in Ireland.”
In aFootwear Newscover story published in 2021, Simpson added that it meant the “absolute world to me to be able to take over complete ownership of my brand.”
“After 16 years in business I feel ready to meet this next exciting phase with open arms. I know the sky is the limit when my mom, our incredible team and I lock into our customers completely.”
source: people.com
