Diddy Regains Control Of Sean John And Prepares For Global Domination
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?
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Author: AllHipHop Staff
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