Sean “Diddy” Combs founded his fashion brand Sean John in 1998. After earning over $525 million annually at the peak of its existence, the New York City music mogul sold the company to Global Brands Group USA Inc.(GBG) in 2016.
Bloomberg reports the company, which owns 90 percent of Sean John, is bankrupt, so Diddy attempted to repurchase it for $3.3 million through an acquisition company named SLC Fashion LLC earlier this month.
Interested parties were allowed to put in their bids for the company until December 15, and it looks like they finally have a winner. According to a press release, Diddy has successfully bought back his company but had to pay over twice his original offer for a total of $7.551 million.
“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,” Diddy said in a statement to HipHopDX. “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.”
There were 44 other potential purchasers who initially contacted about the opportunity to buy the fashion company. The auction was held on Monday (December 20), with Diddy submitting the highest bid. United Ventures LLC submitted a bid for a cash purchase price of $7.5 million and is now deemed the backup-bidder. Final approval of Diddy’s offer is scheduled to be held on Wednesday (December 22).
Are you excited to see what Diddy does as he gains ownership of his iconic Sean John fashion company? Stay tuned for updates on this and other hip-hop news.