World News
Diddy buys Sean John brand out of bankruptcy for $7.5 Million
Sean ‘Diddy’ Combs is back in charge of his global streetwear label, Sean John.
Combs, 52, won the bid to regain complete ownership of Sean John for a price of $7.551 million, PEOPLE confirms. Putting streetwear style on the map with its launch in 1998, Combs sold a majority stake in the company to Global Brands Group in 2016 before buying it back.
“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 says in a statement obtained by PEOPLE.
“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,” he adds.
Earlier this month, Combs submitted a bid to buy the Sean John brand for $3.3 million through the acquisition company named SLC Fashion LLC, reports Women’s Wear Daily. The outlet says four other parties submitted offers, but ultimately Combs’ final offer of $7.551 million was approved.
In 2004, Combs earned the prestigious CFDA Men’s Designer of the Year award for Sean John, beating out fashion vets Ralph Lauren and Michael Kors. After famously dancing to the stage to accept the honor, Combs said: “I’m very happy as you can see. Ralph [Lauren], you’re still the sexiest man on the planet!”
SOURCE: People.com