The brand is back in the hands of the original visionary! Sean Combs has been able to buy back the fashion brand he started in 1998.
“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,” said Sean “Diddy” Combs in a written statement to BLACK ENTERPRISE.
“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.”
According to Women’s Wear Daily, the Bad Boy was able to buy back his company with a winning bid of $7.551 million.
Earlier this month, Sean Combs, the former owner and creator of the Sean John brand, placed a bid of $3.3 million to buy back the assets of Sean John, the fashion and lifestyle brand that the entrepreneur started in 1998. GBG USA Inc., a now-bankrupt brand management firm, owns 90% of the Sean John brand through a joint venture with Combs, Bloomberg reports.
Although a representative for Combs decided not to comment, it was reported that an entity affiliated with Combs was named the so-called stalking-horse bidder for Sean John, court papers show. Potential buyers were able to submit offers until Dec. 15.
It was reported that four other parties had also placed their own bids and an auction was held on Monday, Dec. 20, with Combs succeeding in obtaining the brand he started. There were originally 45 potential buyers who were notified that the brand was up for auction. According to court papers, United Ventures LLC placed its bid with a cash purchase price of $7.5 million and is now labeled the backup-bidder to Sean Combs. There is final approval of Combs’ $7.551 million bid that is scheduled for today, Dec. 22.
Earlier this year, BLACK ENTERPRISE reported that Combs sued Sean Jean for $25 million. The entertainment mogul launched the fashion brand in 1998 and then sold it to Global Brands Group in 2016. However, in a lawsuit filed against the Global Brands Group, Combs states that he never endorsed the line nor given Global Brands Group, Sean John, or Missguided authorization to associate his name with the current collection. Based on quotes used by the companies, it appeared that he was connected to the new Sean John x Missguided brand.
That lawsuit has been dropped.