Diddy is celebrating like it’s 1998.
The mogul has now bought Sean John, the fashion brand he founded over 20 years ago, out of bankruptcy with a $7.55 million bidding victory on Monday, per Women’s Wear Daily. The purchase, for which 45 potential buyers were initially contacted, comes after Diddy sold most of Sean John to brand managment firm Global Brands Group in 2016. It then filed for Chapter 11 bankruptcy in New York.
“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,” Diddy shared with Complex. “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.”
Earlier this month, Bloomberg reported that “an entity affiliated with Combs” was looking to buy back the brand at $3.3 million, and he was the highest bidder at the time, according to court documents reviewed by Complex.
Puff also sued Global Brands Group earlier this year over allegedly using his image without consent, by using a quote and falsely linking him to the company at the time, per his legal team. He then filed another suit, per the New York Post, over “breach of contract, unfair competition, common law trademark infringement, deceptive practices, and unjust enrichment” for at least $60 million.
TMZ shares that his latest purchase comes after a bidding match with four others, which likely makes it all that more special to the music star and company founder. Final approval for Diddy’s bid should be on Wednesday, WWD shares.
SOURCE : Complex
