Diddy, is now the owner of Sean John - again. After a bidding war with four other parties, the rap mogul successfully bought the clothing line out of bankruptcy for around $7.5 million, cash. If no issues arise, the deal will finalize this week. Excited by the new deal, Diddy has some big plans for Sean John.
"Seeing how streetwear has evolved to reunite 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 told TMZ. The rapper and producer founded the fashion and lifestyle brand back in 1998 but sold the majority of the company to brand management firm Global Brands Group in 2016. The firm owned 90% of the line prior to its announcement of Chapter 11 bankruptcy in New York earlier this year. Diddy initially responded to the announcement with a bid of $3.3 million but would have to wait while other potential buyers submitted their bids up until December 15th. After weeks of anticipation, he finally secured the purchase.
During the late 90s and early 2000s, the brand took the fashion industry by storm. Bridging the gap between menswear and streetwear, the line was inspired by Diddy's extravagant lifestyle. Worn by high-profile artists like Nelly, Mariah Carey, Usher, Nas, and Busta Rhymes, would further drive its success. Now, Diddy has the opportunity to bring his brand back to life after five years without ownership. Congratulations are in order!
[Via]