YourBlackWorld.net, By Ryan Steal, Posted January 6th 2022
The brand is once again in the hands of its creator! Sean Combs was able to repurchase the fashion label he founded in 1998.
Sean “Diddy” Combs said in a written statement to BLACK ENTERPRISE, “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.”
“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 added.
The Bad Boy was able to repurchase his company with a winning bid of $7.551 million, Women’s Wear Daily reports.
Sean Combs, the previous owner and creator of the Sean John brand, put in a $3.3 million proposal earlier this month to buy back the assets of Sean John, the fashion and lifestyle brand he founded in 1998. Bloomberg says that GBG USA Inc., a now-defunct brand management agency, owns 90 percent of the Sean John brand through a joint venture with Combs.
Although a Combs spokesperson declined to comment, court documents show that a Combs-affiliated corporation was identified the so-called stalking-horse bidder for Sean John. Offers were accepted through Dec. 15 from potential purchasers.
Four other parties had also put bids, according to reports, and an auction was held on Monday, Dec. 20, with Combs obtaining the brand he established. Initially, 45 potential buyers were alerted that the brand was being auctioned off.
Court documents revealed that United Ventures LLC submitted an offer with a cash acquisition price of $7.5 million and has been designated as Sean Combs’ backup bidder. Combs’ $7.551 million proposal is due for final clearance today, December 22.
Combs sued Sean Jean for $25 million earlier this year, BLACK ENTERPRISE reports. The fashion label was founded by the entertainment mogul in 1998, and it was sold to Global Brands Group in 2016. In a complaint filed against Global Brands Group, Combs claims that he never supported the brand and that he never gave Global Brands Group, Sean John, or Missguided permission to use his name in conjunction with the current collection.
The case was dropped.