Sean Combs is Sean John’s owner again.
According to TMZ, the legendary producer and founder of Bad Boy repossessed his brand after the company filed for bankruptcy. He won the rights to Sean John after a bidding war with 4 other parties, picking him up for $7.5 million.
It is reported that the deal will be finalized this week.
Sean John had recently gone bankrupt under management company GBG USA Inc. The company owned 90% of the clothing label and when word spread that it would be selling it, Diddy contacted the company wanting to buy out his business.
Diddy initially launched his offer at $3.3 million, but took over his business for double that amount.
In a statement to TMZ, Diddy expressed his excitement about reclaiming the brand he created. “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,” Diddy told TMZ.
Diddy adds, “Seeing how streetwear has evolved to rewrite the rules of fashion and impact culture across all categories, I’m ready to reclaim ownership of the brand, build a team of visionary designers and global partners to write the next chapter in the Sean John legacy,” he added.