Jessica Simpson to gain complete ownership of her billion-dollar business

Entertainer turned business mogul Jessica Simpson is taking full control of her eponymous billion-dollar business alongside of her mother, Tina Simpson.

In a Footwear News article published Monday, Simpson revealed that the pair, who own 37.% of the brand, have been negotiating with the parent company, Sequential Brands Group Inc., who filed for bankruptcy in August, to buy the remainder of her Jessica Simpson Collection fashion line.

"It means the absolute world to me to be able to take over complete ownership of my brand," Simpson told FN in the article. "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."

Founded in 2005, the brand is known for fun and flirty looks, which include shoes, apparel, accessories and home goods.

And while Jessica and her mom are back to running the business, her experience serves as a lesson for any business owner.

"In most instances, when you sign a licensing deal, you don't have control over where your name is going to go, what product it's going to get assigned to," Herzog said. "Now, Jessica and her mom will be able to make those decisions for themselves and figure out what product is in line with their branding and maybe even extend it to a different product mix."