Diddy (Photo by Craig Barritt/Getty Images for Something in the Water)
#Roommates, years after his iconic fashion brand found itself in the hands of someone else, Diddy is now bringing Sean John back home and is set to pay millions to do so. According to new reports, Diddy recently won a bidding war to buy back his fashion brand Sean John—for a reported $7.5 million.
@Billboard reports, Diddy got some very goods news courtesy of the Manhattan federal bankruptcy court, as he has now officially won the bidding war to buy back his legendary fashion brand Sean John from the previous owner Global Brands Group, that is now bankrupt. Diddy (through his company SLC Fashion LLC) is set to once again be the sole owner of Sean John by purchasing it for $7.5 million after coming out on top over other bidders.
This news comes just after reports surfaced almost a month ago that Diddy was interested in buying back his fashion brand that was a signature staple in the hip hop community during the late 90s and 2000s.
Speaking about the exciting news, Diddy said via statement:
“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.”
You’ll recall that Diddy officially launched Sean John back in 1998 and annual retail sales of the company totaled to an estimated $450 million as recent as 2016. However, the same year he sold a 90% stake in the company to Global Brands, saying at the time that the deal “provides us the opportunity to reach the Millennial customer on a global level.”
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