Sequential Brands share price rises as Jessica Simpson moves the markets
Jessica Simpson, the American singer you may remember from early 2000s Top of the Pops episodes, has been an influential player on American markets today.
Sequential Brands’ share price jumped over 13 per cent on Thursday after it acquired Jessica Simpson’s $1bn (£740m) brand from the Camuto Group.
The consumer brand company will take a majority stake in the Jessica Simpson Collection which sells a number of product categories including home goods, footwear, perfume, maternity and girls’ clothes.
Annual sales reached approximately $1bn in 2014.
Shares which closed at $10.67 on Wednesday night climbed to a peak price of $12.08 per share in early morning trading.
In a statement following the announcement of the deal, Jessica Simpson said:
It’s humbling to think that we now have 31 product categories in the collection. Together with my mom, Tina, and the rest of the JS team we are always looking for new ways to reach our consumers. I have a passion for home design, so I’m excited to expand on our home and lifestyle offerings. I also look forward to further developing our e-commerce site and taking our brand around the world.I’m as committed as I was 10 years ago, here’s to the next billion.
