Diddy owns Sean John again after buying the bankrupt streetwear label.
The hip-hop mogul has won the rights to the fashion label he founded for $7.5 million in cash. According to TMZhe made an initial bid of $3.3 million but ended up paying more after a bidding war with four other parties.
“I started Sean John in 1998 with the goal of creating a high-end brand that broke tradition and introduced hip-hop into high fashion on a global scale,” he said in a statement. .
He plans to relaunch the business, which he sold to Global Brands Group in 2016. We need visionary designers and global partners to write the next chapter in Sean John’s legacy,” he added.
Sean John filed for bankruptcy with management company GBG USA Inc., which held a 90% stake. When Diddy learned that Sean John was for sale, he expressed an interest in regaining control. The deal is expected to be finalized this week barring any objections.
In February, Diddy filed a $25 million lawsuit against Sean John and GBG USA, alleging the brand used Diddy’s image, likeness and personality without his permission to promote the women’s clothing line. by Sean John with retailer Missguided. His non-profit organization, Citizen Change, has also filed a complaint against GBG’s use of the phrase “Vote or Die”.
Both lawsuits have now been dropped.
