The new funding will be used to provide an existing credit facility to retire and provide additional liquidity to fund new growth and a rapidly expanding portfolio, the two companies said in a joint media release.
Second Avenue Capital Partners (SACP), the lending arm of SB360 Capital Partners (SB360), has announced the closure of a $ 67.5 million term loan for The Jessica Simpson Collection, a 1 billion collaboration with fashion empire and signed lifestyle brands. . This is an existing credit facility to be used in retirement.
“While this aspect of our relationship may be new, our experience with Scottenstein goes back to our roots,” he said. Jessica Simpson, CEO of Jessica Simpson Collection, A reflection of the long history with the Scottenstein organization. Jessica Simpson launched her label in 2005 under the direction of Vince Camuto and the Camuto Group. In 2018, Schottenstein-led designer Brands Group has partnered with Authentic Brands Group to acquire Camuto Group.
In November 2021, Jessica Simpson and her business partner and mother Tina Simpson acquired 100 percent of the brand. After retaining 37.5 percent of the brand when it acquired a majority stake in Sequential Brands in 2015, Jessica, Tina and their team are determined to regain full control of the lifestyle brand that has spent 16 years developing and building.
After taking full ownership and control, the team immediately began planning for further development of the existing business and with the immediate signing of 5 new licensing divisions and plans to expand the brand into new divisions through 5 more negotiations. The Jessica Simpson Collection currently has 37 product categories, including footwear, apparel, perfume, luggage, fashion accessories, handbags, jewelry, maternity clothing, girls clothing and home. New efforts will include skin care, health and wellness, demi-fine jewelry and furniture.
Aaron Miller, President of SB360“When we first met Jessica, Tina and the team, we knew it was a perfect fit,” he said. The team is impressed with what they have achieved since their recent acquisition, and we are excited to be able to provide this funding for further fuel growth. Jessica and Tina have spent years building an incredibly successful lifestyle brand by offering customers a quality product at an affordable price point, a product that is relevant to all types of women. When Second Avenue Capital Partners was founded, that’s exactly what we did with this creative financing solution; Use our merchant approach to meet the unique capital needs of retail and consumer companies. “
Jeffrey Howald, CFO of Jessica Simpson Collection“We are thrilled with the brand’s success since its acquisition in November 2021, as evidenced by the very strong 1st quarter of 2022, where we surpassed 15% of the 1st quarter earnings of the year.” We’ve also expanded aggressively in international sales and are delighted to receive a welcome from our new and potential partners in such a short time since the acquisition of the brand. “
Mike Sullivan, Managing Director of SACP, Added, “We have created for this type of transaction. With the Jessica Simpson collection you have an incredibly successful brand that surpasses celebrities. It’s a dynamic founder-driven company that could use our capital to fuel the next chapter of their success story. For us, this term loan is part of a much larger relationship that extends across larger Schottenstein firms. This is another testament to the impact of the work we do on Second Avenue Capital Partners. “
Fibre2Fashion News Desk (KD)