Rapper Sean "Diddy" Combs regains majority ownership of his Sean John fashion brand away from its past owner.
According to a filing in Manhattan federal bankruptcy court on Tuesday, December 21, the rapper has won the bidding war to buy back his fashion line from the brand's now-bankrupt owner, per Billboard.
Three weeks before the filing, it was initially reported that he wanted to buy back his apparel brand offering $3.3 million to win his namesake. The hip-hop mogul sold most of the company to the Global Brands Group back in 2016, but GBG's US unit filed for Chapter 11 bankruptcy this summer, citing losses because of the COVID pandemic.
A Win For Combs!
According to USA Today, Combs is ready to "write the next chapter" of Sean John once again. "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."
In a statement last Tuesday, he 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."
For a bit of background, the source introduced Sean John, named after the rapper's full name Sean John Combs, marketed with "early 2000s hip-hop fashion," ranging from velour tracksuits, baggy jeans, oversized shirts, and terry cloth headbands.
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Combs In The Industry
Every piece of clothing was said to be often tagged with a Sean John signature logo and was seen on the chests of numerous A-list celebrities at that time. Some of these celebrities were named Nelly, Jennifer Lopez, and Nick Cannon.
As stated in the court documents, the 52-year-old won the ownership back and ended with a $7.55 million bid in an auction to save his brand from bankruptcy. Combs faced bidders in the race, yet, his proposal was "marked as successful" and will be approved by Wednesday, December 22, through a telephone hearing.
Apart from the fashion apparel, Combs also made a name for himself with his Combs Enterprises portfolio claiming numerous business ventures in the industry. He also has a stake in the ownership of several branded partnerships, including Bad Boy Entertainment music label, Ciroc vodka, DeLeón tequila, and Revolt TV and Media.
