Diddy Reclaims Ownership Of Sean John Brand

Diddy founded Sean John and that brand means a lot to him. He watched its downfall after his departure, but now it has come full circle back to Diddy’s portfolio.

Sean “Diddy” Combs will reacquire the “Sean John” men’s fashion brand that he founded in 1998 after making the winning $7.551 million bid at an auction as the rapper turned mogul looks to get back into the clothing industry. News surfaced about three weeks ago that the hip hop mogul wanted to buy back his namesake fashion brand, allegedly offering US $3.3 million.

Now, Forbes is reporting that the bankrupt Global Brands Group has alerted a federal judge that SLC Fashion LLC, a company associated with Combs, has won a bidding war to purchase the company. The company filed for Chapter 11 in July this year, seeking to sell its assets, which included Aquatalia, Ely & Walker and Tahari, as well as Sean John.

Diddy explained how the whole thing unfolded to Forbes.

“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.”

Four other parties were vying for the company, according to Women’s Wear Daily. The back-up bidder, United Ventures, lost to Diddy with a US$7.5 million cash bid. Combs is believed to have retained a 10 percent stake in the brand when he sold it to GBG in 2016.

Combs landed in the #37 spot on Forbes’ “Highest-Paid Celebrities” list in 2020. With a net worth estimated at around US$885 million, it’s unlikely Combs will be filing for bankruptcy any time soon. His business portfolio spans across fashion, music, TV production, athletic beverages and alcohol.

As chairman and chief executive officer of Combs Enterprises, he oversees Bad Boy Entertainment, Combs Wine & Spirits (Ciroc and DeLeon), Aquahydrate, Revolt Films, TV & Media and Capital Prep Harlem.

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