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.
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 it 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.’
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 was not relevant enough, and I would never have 100%.’
Simpson currently has an estimated net worth of around $200 million thanks to her singing and acting career, fashion brand and other endorsements.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.