NEWSJessica Simpson Admits She Recently Borrowed Money from Mom Tina Despite Owning Billion-Dollar Company
Though Jessica Simpson runs a billion dollar company, she still needs to rely on her mom, Tina Simpson, for help.
The singer, 42, decided to buy back her namesake brand from Sequential Brands, which owns, promotes, markets, and licenses Joe's Jeans, Avia and more.
“[Sequential was] headed to bankruptcy. I wanted to make sure we did not get caught up in all that,” Tina said in a new interview. “We had plenty of other people that came to us and wanted to buy [the brand] from Sequential. There were also going to be bidders against us at the bankruptcy court.”
Jessica added, “I talked to my mom in-depth about it and I was like, I think it’s time for us to do this on our own. We either sink with the ship, or we jump and hope to find a lifesaver. And really that lifesaver was ourselves.”
As a result, the mother-daughter duo bought back the rest of the company for $54 million in the summer of 2021, with Jessica putting her own home up as collateral.
But the "With You" songstress admitted she did "have to ask my mother for money not too long ago."
“Honestly, she did reach out to me to borrow money. And I said to her, ‘Yeah, let's talk about it.’ I'm her mom first, obviously," Tina confirmed.
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“My term would be control your spending a little bit better," she continued, explaining that Jessica has a hard time putting her money back into her own business. “In buying the brand back, I told her, if you're sure you want to do this, you’re just going to have to tighten up your belt a little bit. You're going to have to not live not quite as extravagantly. Because I am on a path to pay this off. I don't want to keep the loan on the brand. Then we own it out 100%. It's like paying off your house.”
“It’s a real joy and also challenging to work alongside your daughter,” she shared. “In a good way, not in a negative way. I think we do a really great job of balancing that.”
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Bustle spoke with Tina and Jessica.
