Diddy Regains Control Of Sean John And Prepares For Global Domination
Diddy is back in control of his legendary fashion brand, after repurchasing the rights for millions!
We thought we told you that he won’t stop!
Cause he absolutely doesn’t.
Hip-Hop mogul Sean “P. Diddy” Combs is now (again) the owner of his fashion brand, Sean John.
The man who brought the world The Notorious B.I.G., MA$E, and Total dished out $7.5 million to pull his beloved clothing line out of bankruptcy.
The price tag wasn’t cheap, but Diddy sold 90% of the brand to GBG USA Inc. in 2016, reportedly for around $70 million.
It wasn’t easy.
Despite the brand bearing his first and second name, he had to participate in an auction against four other parties to reclaim his rights.
Initially, he set up $3.3 million as his starting point in the auction, but bids continued to come, and he wound up paying a little over double to get his line back.
He, as Puff usually does, emerged the victor!
“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,” says Brother Love. “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.”
As reported by AllHipHop.com, Sean John went into bankruptcy after the brand’s 90% owner, GBG USA Inc., fell on financial hardships.
Are you ready for a new velour tracksuit? Or do you think he is about to hit us with something brand new?