Diddy has bought back his clothing brand, Sean John, after it fell into bankruptcy under the management of GBG USA Inc. That company owns 90 percent of Sean John and TMZ reports that once those assets went up for sale, Diddy was on top of it.
His initial bid was for $3.3 million but apparently, a surprising number of people were interested and the bid got driven up. He won against four other parties by paying $7.5 million in cash. That’s a big suitcase. The deal will be finalized this week and the rap mogul is psyched to have Sean John in his portfolio once more.
“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,” he told TMZ. “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.”
Will this bring back the brand? If anyone can do it, he can.