Jessica Simpson shocked fans this week when she admitted her credit card was declined while trying to order a meal at fast food restaurant Taco Bell, after she invested millions of her own money to save her fashion brand.
“I’m draining my bank account,” the 41-year-old said on the talk show The Real. I don’t have a working credit card. Okay. I will pay in cash. I went to Taco Bell that day and my card was refused. I’m on a budget, ladies!
Last October, Simpson reportedly offered $65 million of its own money to regain full ownership of its $1 billion fashion brand, Jessica Simpson Group, after parent Sequential Brands Group Inc filed for bankruptcy.
‘I’m draining my bank accounts’: Jessica Simpson admits she ‘doesn’t have a working credit card’ and was turned down from a fast food joint after repurchasing her brand
Despite the huge success of the fashion line, Simpson herself was never a billionaire because she licensed her name only to the project, making $13 million or less during the time it brought in $1 billion in sales, according to Bloomberg.
Now, Simpson — who this week sponsored an ad for allergy drug Flonase — is taking the risky step of pouring her personal fortune into the project to revive it.
But she doesn’t look scared.
“With money, there is a lot of fear attached to it,” she added to the Real Madrid women.
“And I’m the one you get pissed off at the blackjack table. I’d put everything in there if I was leading the show, because I believe in myself and I know what I can do. I know nothing is going to stop me, and if you try to stop me, I’ll try harder.”
Big Risk: Last October, Simpson reportedly offered $65 million of her own money to take back full ownership of her billion-dollar fashion brand, Jessica Simpson Collection (pic, 2020)
Shocking: Jessica upset The Real Ladies when she talked about not having a working credit card at the moment
Rejected: Jessica admitted her credit card was declined when she tried to order Taco Bell
The Newlyweds star co-founded the Jessica Simpson group in 2005 with her mother Tina Simpson and the pair still work on it today. In November last year, a defiant Simpson told fans how she beat the odds of reclaiming her brand.
“I am really humbled to take back 100% ownership of my name and brand,” she wrote. It has been a long journey to get to this point. I was told no, that trademark ownership was out of the question, that I wasn’t relevant enough, and I wouldn’t get 100%.
My mum and I tinasimpsonofficial have remained steadfast, patient, resolute, brave and strong. Today we can look back and say we beat all the odds stacked against us. We withstood the battle and today we declare victory with confidence! Jessica Simpson’s entire collection belongs to us! “
Simpson currently has an estimated net worth of approximately $200 million thanks to her career in singing, acting, fashion branding, and other endorsements. 2
The reality star is said to have owned just over a third of the brand (37.5%) when it bought Sequential Brands Group Inc. Majority stake in Camuto Group in 2015.
Big risk: Jessica hinted that she’s now spending all her own money to save her brand
“It means the absolute world to me to be able to take full ownership of my brand,” she told Footwear News last year.
After 16 years in the business, I feel ready to face this next exciting phase with open arms. I know the sky is the limit when my mom, me, and our amazing team are totally locked into our clients.
“For all of our hard-working, talented and amazing licensing partners, knowing Jessica at the helm gives them strength and belief in the future,” added her mother and business partner Tina.
“For Jessica to regain control of her namesake brand, it allows her and I, along with our amazing team and licensing and retail partners, to build the legacy brand to continue to care for her children and family.”
There certainly seems to be life in the brand so far, with sales up 92% compared to 2020 and 9% higher than 2019, according to Shoe News.
Geralene Lyman, Senior Vice President of Sales at Kamoto also spoke positively of the brand when speaking to the industry outlet.
out of a pandemic, [Jessica Simpson] Offer the opposite — it’s not about slippers, it’s not about sportswear, it’s not about any of the comforts of home that everyone has,” Lyman said.
“It’s about showing off and showing off in high heels, cool colors, and lots of glitter.”