Diddy On Buying Sean John For $7.5M: 'I’m Ready To Reclaim Ownership Of The Brand'
Sean “Diddy” Combs, who recently changed his middle name to Love, has won the bidding for his namesake clothing line, Sean John! According to a filing in Manhattan Federal Bankruptcy Court, Combs has obtained the fashion line from the brand's now bankrupt owner for $7.5 million, a $4.2 million increase from what Combs originally sought to pay.
Three weeks ago, it was reported that the hip-hop mogul was interested in buying back the company, which he sold to leading branded fashion company Global Brands Group in 2016.
This summer, the fashion giant’s United States unit filed for chapter 11 bankruptcy, with the sector that controls Sean John filing as well. The company cited losses due to the pandemic.
According to Combs, he has big plans for the brand. “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,” the music exec said in a statement to Billboard. “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.”
Sean John was launched in 1998 and successfully bridged Combs' lavish lifestyle and affinity for finer things with streetwear. It quickly became a force in the fashion industry.
In 2004, Combs was awarded the CFDA Menswear Designer of the Year beating labels like Ralph Lauren and Michael Kors.
