Diddy Buys Back Sean John Out of Bankruptcy for $7.5 Million – Report
According to a report from TMZ on Tuesday (Dec. 21), the rapper-turned-music mogul bought Sean John out of bankruptcy for $7.5 million in cash. The outlet notes that Diddy was up against four others in the bidding war.
"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 the gossip website.
Diddy continued, "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."
Puff expressed interested in purchasing his late 1990's streetwear brand's assets out of bankruptcy earlier this month. According to reports, he put up an initial bid of $3.3 million. At that time, the company was 90 percent owned by Global Brands Group USA, GBG USA Inc., who was in bankruptcy.
In February of this year, Diddy filed a $25 million lawsuit against GBG USA Inc. and U.K.-based clothing company Missguided for using his likeness without permission to promote an apparel collection that came out in fall of 2020 under the name "Sean John x Missguided."
Within the lawsuit, there were even accusations that the two companies claimed Diddy released a statement about the launch of the clothing collection, which was published on 365retail.co.uk. Puffy denies ever making a statement.
Diddy accused the companies of False Endorsement, Common Law Right of Publicity/Misappropriation of Likeness or Identity and Statutory Right of Publicity.
The music executive founded Sean John in 1998, and sold a majority stake to GBG USA in 2016.
Now that Sean John is back in Puff's hands, it'll be interesting to see the swanky threads he'll create.