Sean Combs, better known by his stage as Diddy, is ready to reclaim control of his streetwear label Sean John after relinquishing a majority stake in the company in 2016.
According to WWD, the rapper and music entrepreneur acquired back his apparel business from Global Brands Group, a Hong Kong-based firm that controlled 90% of Sean John, out of bankruptcy on Monday, Dec. 20. After filing for Chapter 11 bankruptcy to liquidate its assets, Combs offered $3.3 million for the fashion line in December, but it was eventually purchased for $7.551 million, more than double his previous offer.
After a bidding fight with four other companies, the rap mogul won the rights to Sean John with its worth around $7.5 million in cash, according to the allegation. If there are no objections, the purchase will be finished this week, and it’s safe to say the person is rather pumped about it.
He tells TMZ, “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.”
Sean John was founded by Sean Combs in 1998, and since then, the brand has released a slew of sought and bold streetwear designs, including distinctive pieces like fur coats and velour suits, oversized shapes, loose denim, and more. Sean John was featured in over 1,200 places and had already generated revenues of $200 million just two years after its official launch.
Furthermore, the clothing line held one of New York Fashion Week’s most anticipated catwalk presentations, and Combs received a CFDA award for menswear design in 2004. A-list celebrities such as the Hilton sisters, Kimora Lee Simmons, Mariah Carey, Usher, Pharrell Williams, Mary J. Blige, Rick Ross, Naomi Campbell, and many others have supported his fashion firm throughout the years.
Diddy adds, “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.”
As stated, the SJ line was recently declared bankrupt by GBG USA Inc., a management business that owned 90% of the company. Mr. Combs showed interest in regaining control of the company when word of its assets being up for sale reached him earlier this month, especially given how little it was going for.
Diddy made an initial bid of $3.3 million through his company, but after some back and forth with others who were interested, he ended up settling for more than twice that. Nonetheless, it’s a huge deal, especially if he can give the threads fresh life.