Jessica Simpson sells major stake in fashion firm

Jessica Simpson has set her sights on doubling the annual profits of her billion-dollar fashion firm by selling more than half of the company to a big brand management group.

The singer-turned-fashion mogul launched her eponymous clothing label in 2005, in collaboration with late design legend Vince Camuto, and it has since expanded to include shoes, handbags, jewelry, fragrance and home goods, raking in an estimated $1 billion a year.

Simpson has now secured a new deal with bosses at Sequential Brands Group, Inc. to boost the business' future growth.

A statement released by the star reads: "I am extremely honored to partner with Sequential Brands Group to continue the growth and integrity of the Jessica Simpson Collection.

"Working together with the powerful management team at Sequential and with all of our trusted retailers and licensees, including Camuto Group, there is no limit to our success."

The mother-of-two plans to continue working closely with the new stakeholders on the brand, adding, "I'm as committed as I was 10 years ago. Here's to the next billion."