Actor-and-singer-turned-designer Jessica Simpson has closed on a $67.5 million term loan from Schottenstein-backed Second Avenue Capital Partners (SACP) for her eponymous line, The Jessica Simpson Collection, Footwear News reported. According to SACP, the new financing will be used to retire an existing credit facility and provide additional liquidity to fund new growth and a rapidly expanding portfolio. This news comes months after Jessica Simpson and her business partner and mother Tina Simpson acquired 100% of the brand from Sequential Brands. Sequential bought the majority share from Camuto Group in 2015 but filed for chapter 11 bankruptcy protection in August. In September, the singer opened up to FN about buying back her business as she and Tina were in the midst of negotiations with Sequential Brands Group Inc. At the time, they owned 37.5% of the brand they founded in 2005. After taking full ownership and control in November, the team immediately started on plans to further develop the existing business and expand the brand into new categories with immediate signings in five new license categories and an additional five more in negotiations. The Jessica Simpson Collection currently features 37 product categories, including footwear, apparel, fragrance, luggage, fashion accessories, handbags, jewelry, maternity apparel, girls’ clothing and home goods. New endeavors will include skin care, health and wellness, demi-fine jewelry, and furniture.
