Sean 'Diddy' Combs buys back bankrupt label Sean John for 7.5 million dollars
Music and fashion mogul Sean ‘Diddy’ Combs has regained ownership of Sean John, saving it from bankruptcy. Diddy’s winning bid came as three other companies vied for the rights to the ailing clothing brand.
“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 said in a statement. “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.”
The brand fell into administration under the management of GBG USA Inc., who distributed the collections largely through value retailers including Costco and TJ Maxx. According to the court filings Combs agreed to pay 51,000 dollars over the highest bid.