Sean “Diddy” Combs established premier fashion brand Sean John in the late ’90s. After pulling in over $525 million annually at one point, the 52-year-old Hip Hop mogul sold it to Global Brands Group USA Inc. (GBG). But Bloomberg reports the company, which owns over 90 percent of Sean John, is bankrupt, so Diddy attempted to buy it back for $3.3 million through an acquisition company named SLC Fashion LLC earlier this month.
Interested parties were allowed to put in their bids until December 15 — and it looks like they have a winner. According to a press release, Diddy has successfully retained the Sean John Brand but had to pay over twice his original offer for a total of $7.551 million.
“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,” Diddy said in a statement to HipHopDX. “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.”
There were 45 potential purchasers initially contacted about the opportunity. The auction was held on Monday (December 20) with Diddy submitting the highest bid. United Ventures LLC submitted a bid for a cash purchase price of $7.5 million and is now deemed the backup bidder. Final approval of Diddy’s offer is scheduled to be held on Wednesday (December 22).
The Hong Kong-based company filed for Chapter 11 in July and wanted to sell its assets, which included Aquatalia, Ely & Walker and Tahari and Sean John. Diddy was believed to have retained a 10 percent stake in brand when he sold it to GBG in 2016. Court papers described the brand as the “crown jewel” of the GBG portfolio and said Diddy’s bid “reflected the highest and best available for the assets.”
Diddy Hoping To Revive Sean John Brand In $3.3M Deal
Their partnership initially looked good, but it soured in recent years. In February, Diddy filed a lawsuit against GBG seeking $25 million for “false endorsement, misappropriation of likeness and violating his publicity rights,” over the launch last fall of a women’s collection with U.K. fast-fashion retailer Missguided Unlimited. A few days later, a second lawsuit followed from his nonprofit, Citizen Change, over GBG’s use of the phrase “Vote or Die,” a trademark owned by the organization. But sources say those lawsuits have been dropped.
The Sean John brand was carried in 1,200 stores and had sales of $200 million within two years of its launch. As chairman and CEO of Combs Enterprises, Diddy oversees Bad Boy Entertainment, Combs Wine & Spirits (Ciroc and DeLeon), Aquahydrate, Revolt Films, TV & Media and Capital Prep Harlem.
This is going to fail so hard. It’s not 2003 and Diddy is not liked and is seen as an old man now.
Nobody wants to rock South Pole or Sean John. You’ll get clowned lol.
I don’t know..Gays do love fashion nowadays and look at hip hop now. It’s totally gay. He may be able to do it this time.
Mad your still dusty and insecure?
Are you gay and a Diddy fanboy or bottom b****?
Death Row lost. Get over it.
Nobody cares about Death Row. But that still doesn’t change the fact that you suck sausages. Diddy is gay. That’s a fact. Nothing to do with his bad business practices. He has no musical talent and takes credit for other people’s work. And a heartless individual. You worship a false bag of Skittles.
I’ve noticed that you’re always on here defending Diddy every single time. There hasn’t been one time that you haven’t been on here to support this fruitcake. It’s rather SuS of you. It makes you seem gay since keep covering his *** all the time. You could be on his Bad Boy street team…lol. it may involve a lot of legwork and you may be on your knees a lot lol. *Pansy*
Death Row lost, and the dusty dude era is over. Get over it. All you have is moral victories, and telling yourself goofy jokes about his sexuality cancel out his bank account. But you still have nothing in yours!
Seems like everytime there a gay comment, here comes anon like a rando to a gloryhole. *pun intended* Make sure to wipe of your mouth before you comment back first lmao.
If you’ve got the capital and infrastructure all you need is designers and solid marketing. Ciroc tastes like ass but they got marketing right, if Diddy throws enough money at it and sponsors the right talent I cant see why it couldnt be a success $7.
The other outcome could be that he reinvents the brand, updates the products and flourishes again. It’s all in how your brain works. If you think success, then success will come… if you think like you… well then, we know how your life is going.
Yeah if you think real hard you can force your TJ Maxx brand to become a designer outfit.
Wow you’re so smart!! You must be like a CFO huh? Old dumba**. ??
you have a lot of time to roll people on here huh? cute screen name and everything. it sucks that you want to take it out on rap music that no one likes your fugly sorry ass young or old
Sounds like you’re an old man. Also what person uses the word “fugly”? You absolute weird white clown lol.
I spit on your grave rest in piss whenever that is sooner the better cocksucker fuck you fuck your hateful kind we live forever you died yesterday
Cuz hit you with some real shit but you a prideful bitch with a negative mindset.
Prideful? I’d say pride is sucking on the boots of rich people because you think you’ll get rich via osmosis. You can’t think into money. You clowns sit on YouTube listening to motivational talks, swear you’ve gained true wisdom..just sound like clowns lmao.
He should make Bobby Shmurda and Lil Nas X his first official ambassador models for his brands lol.
How old are the Gucci & Versace brands and people still fuck wit their shit? Black people Need to stop making non black owned brands hot then not show the same love to black owned brands.
Diddy should hire Ye as creative director
I agree, GayFish would be a perfect fit lol.
this closet case walking around with stale south park reruns balls deep in his throat all like cowabunga look ma no hands lolol
before this report goes to oblivion can someone tell me why i can’t find diddys album on itunes? i can’t find ti too.
Cuz itunes doesn’t support a homo faux failed record executive extortionist or sex traffickers/ federal informates.
these hateful MFs act like’s it’s all a big joke but can let a single Ye, Hov or Diddy post pass. We see who they are threatened by. We see past the trolling and the lololol. It’s dead serious to them. Trying to kill off rap, make us all into internet jokes and memes. Thought it worked until everyone became a billionaire and you still ain’t seen the cut they promised you at the proud boys overnight sleepover camp
“they cannot”
these hateful MFs act like’s it’s all a big joke but cannot let a single Ye, Hov or Diddy post pass. We see who they are threatened by. We see past the trolling and the lololol. It’s dead serious to them. Trying to kill off rap, make us all into internet jokes and memes. Thought it worked until everyone became a billionaire and you still ain’t seen the cut they promised you at the proud boys overnight sleepover camp