Music mogul and producer, Sean “Diddy” Combs has won the bid to buy back his fashion brand, Sean John.
Diddy won the rights to Sean John for $7.5 million, after a bidding war with 4 other parties. The deal will be finalized this week, barring any objections.
The music producer’s initial bid earlier this month in bankruptcy court was $3.3 million through an acquisition company named SLC Fashion LLC. His position made him the stalking horse which means any other offer on Sean Jean would have to outdo his.
The entertainment mogul, 52, started the streetwear brand back in 1998. Combs reportedly sold 90% of the company in 2016 to Global Brand Groups. At that time Sean Jean’s annual retail sales were around $450 million. In July 2021, GBG filed for Chapter 11 in New York.
Before the bankruptcy filing by GBG, Diddy’s relationship with them had turned sour. In February 2021, he filed a lawsuit against GBG for $25 million because of alleged “false endorsement, misappropriation of likeness and violating his publicity rights.” The suit has now been reportedly dropped.
Revealing why he bought back the brand, Diddy said;
“I launched Sean John in 1998 with the goal of building a premium brand that shattered tradition and introduced Hip Hop to high-fashion on a global scale.
“Seeing how streetwear has evolved to rewrite the rules of fashion and impact culture across categories, I’m ready to reclaim ownership of the brand, build a team of visionary designers and global partners to write the next chapter of Sean John’s legacy.”
Diddy’s current net worth is around $885 million from his multiple brands and companies that include music, TV production, alcohol, and other beverages.