Sean “Diddy” Combs has regained the control of his Sean John fashion line after winning a bidding war to buy the streetwear brand from its now-bankrupt owner for about $7.55 million.
Bankrupt Global Brands Group has revealed that SLC Fashion LLC, a company associated with Combs, has offered the highest bid for the Sean John label. SLC Fashion will pay $7.551 million for the Sean John brand’s assets, according to the court filing, which is nearly double the initial $3.3 million bid.
“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,” Combs said in a statement to Billboard.
He added, “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 launched Sean John in 1998, eventually building to annual retail sales of around $450 million in 2016, according to Women’s Wear Daily.
However, Combs reportedly sold a 90% stake in Sean John to brand management firm Global Brands Group. The company’s North American arm filed for Chapter 11 bankruptcy in July 2021.
Music News Service distributed by Frankly Media. Copyright(c) 2021 RTTNews.com. All Rights Reserved