Jessica Simpson shocked fans this week when she admitted that her credit card got declined while trying to order a meal at fast food restaurant Taco Bell, after investing millions of her own cash to save her fashion brand.
‘I am draining my bank account,’ the 41-year-old said on chat show The Real. ‘I have no working credit card. It’s OK. I will pay in cash. I went to Taco Bell the other day and my card got denied. I’m on a budget, ladies! ‘
Last October, Simpson reportedly offered up $ 65 million of her own money to regain full ownership of her billion-dollar fashion brand, the Jessica Simpson Collection, after its parent company Sequential Brands Group Inc, filed for bankruptcy.
‘I’m draining my bank accounts’: Jessica Simpson admits she has ‘no working credit card’ and got DENIED at fast food joint after buying back her brand
Despite the huge success of the fashion line, Simpson herself was never a billionaire as she had only licensed her name to the venture, making $ 13 million or less during the time she had brought in $ 1 billion in sales, according to Bloomberg.
Now, Simpson – who this week did a sponsored ad for allergy medicine Flonase – is making the risky move of pouring her personal wealth into the project to revive it.
But she doesn’t seem scared.
‘With money, there’s just so much fear attached to it,’ she added to the ladies of The Real.
‘And I’m the person that you get mad at at the blackjack table. I’ll put it all out there if it’s me that’s driving the show, because I believe in myself and I know what I can do. And I know that nothing will stop me, and if you try to stop me, I’ll try harder. ‘
Big risk: Last October, Simpson reportedly offered up $ 65 million of her own money to regain full ownership of her billion-dollar fashion brand, the Jessica Simpson Collection (Pic; 2020)
Shock: Jessica alarmed the ladies of The Real when she spoke about how she doesn’t have a working credit card right now
Denied: Jessica admitted that her credit card got declined when she tried to order Taco Bell
The Newlyweds star had cofounded the Jessica Simpson Collection in 2005 with her mother Tina Simpson and the pair are still working on it today. In November last year, a defiant Simpson told fans how she beat the odds of winning back her brand.
‘I am truly humbled to reclaim 100% ownership of MY name and my brand,’ she wrote. ‘It was a long journey getting to this point. I was told no, that brand ownership was out of the question, that I wasn’t relevant enough, and I would never have 100%. ‘
‘My mom @tinasimpsonofficial and I remained steadfast, patient, determined, brave, and STRONG. TODAY we can look back and say we BEAT ALL ODDS stacked against us. We withstood the battle and today we CONFIDENTLY claim victory! The entire Jessica Simpson Collection belongs to us! ‘
Simpson currently has an estimated net worth of around $ 200 million thanks to her singing and acting career, fashion brand and other endorsements. 2
The reality star reportedly had owned just over a third of the brand (37.5%) when Sequential Brands Group Inc. had purchased a majority share from Camuto Group in 2015.
Big risk: Jessica has hinted that she is now pouring all her own money into saving her brand
“It means the absolute world to me to be able to take over complete ownership of my brand,” she told Footwear News last year.
‘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. ‘
Her mother and business partner Tina added: ‘For all of our hard-working, talented, amazing licensing partners, to know Jessica is at the helm gives them strength and belief in the future.’
‘And for Jessica to regain control of her namesake brand, it allows her and I, alongside our amazing team, licensing and retail partners to build the legacy brand to carry on to her children and family.’
There certainly seems to be life in the brand yet, as sales were up 92% compared to 2020 and 9% compared to 2019, according to Footwear News.
Camuto’s SVP of sales, Geralyn Lyman, also spoke positively about the brand when speaking to the outlet industry.
‘Coming out of a pandemic, [Jessica Simpson] is offering the polar opposite – it’s not about slippers, it’s not about athleisure, it’s not about any of those comforts of home that everybody has been living with, ‘Lyman said.
‘It’s about showing off and being seen in high heels and great colors and lots of shine.’