Diddy is back in the clothing business after repurchasing his Sean John line to buy it out of bankruptcy for way less than he had sold it for initially.
TMZ reported that “the rap mogul won the rights to Sean John after a bidding war with 4 other parties … claiming it for about $7.5 million, cash. The deal will be finalized this week, barring any objections — and safe to say, the guy’s pretty excited about it.”
He told TMZ … “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.”
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Diddy adds, “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.
The Sean Joh line fell into bankruptcy under management firm GBG USA Inc., which had owned 90%. Diddy got word of its assets being up for grabs and expressed interest in regaining control of the formerly hot item brand.
Diddy, via his company, threw down an initial bid of $3.3 mil — but after some back and forth among others who were interested, he ended up settling for over double that. Still … it’s a helluva deal, especially if he can breathe new life into the threads according to TMZ.
Earlier this year Diddy filed a lawsuit against Sean John for a $25 million USD.
According to reports, Puff was suing Sean John and its former owner Global Brands Group USA (GBG USA) for “false endorsement, misappropriation of likeness and violating his publicity rights,” after it teamed up with U.K. multi-channel retailer Missguided for a women’s line that used his name, image and likeness for promotion without seeking his permission.
