Sean “Diddy” Combs is once again the sole owner of his upscale fashion brand Sean John after coming out on top in a bidding war, paying $7.551 million.
After creating the upscale streetwear brand in 1998 and garnering over $200 million in sales during the first two years, Diddy sold 90% of the clothing company to Global Brands Group five years ago.
It’s been circulated that at the time of the sale, Sean John was generating close to $450 million dollars a year.
After filing for Chapter 11 bankruptcy, GBG was forced to auction off properties including Sean John, Aquatalia, Ely & Walker and Tahari.
The global company was also facing two lawsuits from Diddy over allegedly using his likeness without permission along with his nonprofit Citizen Change’s trademark, “Vote or Die”.
According to reports, both suits have been withdrawn.
“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,” Combs said. “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.”
