Billboard has reported that P. Diddy is looking to buy back his Sean John fashion line from the brand’s bankrupt owner. Diddy had sold most of the apparel line to Global Brands Group in 2016, but this summer GBG filed for Chapter 11 bankruptcy after the devastating blow they took from COVID-19. The affiliate of GBG that controls Sean John filed its own bankruptcy petition this past Wednesday.
The bankruptcy filing specified that SLC Fashion LLC, a company under Diddy, was looking to buy the brand at a price of 3.3 million dollars in a stalking horse bid. Other bidders could pay a higher price for the brand with bids due December 15. GBG’s creditors could also file a motion to block the sale.
Diddy founded Sean John in 1998, and at its peak in 2016 the brand was doing 450 million dollars in revenue. Diddy originally let GBG take a 90 percent stake in Sean John to help grow the brand and reach more millennial consumers, but his relationship with the company went South when they used his “Vote or Die” slogan on merchandise without his permission. Diddy then proceeded to sue for trademark infringement with his lawyer saying, “[Sean John/GBG’s] decision to leverage a fabricated quote they created and then falsely attributed to Mr. Combs, and to use Mr. Combs’s name and other monikers to create the false and misleading impression that Mr. Combs is the decision-maker behind the designs and creation of the GBG Collection.”
Sources say Diddy is hoping to revive his brand which was once carried by top retailers like Macy’s. On December 15, we might see how this all pans out for him.