Diddy wins $ 7.5 million bid to buy Sean John brand

Sean “Diddy” combs is ready to bring Y2K fashion back to the main stage as the majority owner of the menswear brand he launched, Jean-Jean. The artist and businessman founded clothing brand Sean John in 1998, but sold the majority of the company’s shares in 2016. However, the company that acquired it, Global Brands Group Holding Lt. ( GBG) filed for Chapter 11 bankruptcy in July, putting his assets like Sean John up for auction. But Diddy wasn’t going to miss the opportunity to repurchase his iconic brand, and he won the auction with a cash bid of $ 7.551 million, per Forbes.

© GettyImages
JLo in Sean John with Diddy 2000

SLC Fashion LLC, backed by Diddy, was behind the victory and barely beat United Ventures LLC’s $ 7.50 million cash offer. Combs told Forbes he’s ready to write the next chapter in Sean John’s legacy. “I started Sean John in 1998 with the goal of creating an upscale brand that broke tradition and brought Hip Hop into high fashion on a global scale. Seeing how streetwear has evolved to rewrite the rules of fashion and impact culture across all categories, I am ready to reclaim brand ownership, build a team of visionary designers and global partners to write the next chapter of the legacy of Sean John, ”he said. in a written statement.

GBG and Sean John’s downfall appeared to have started earlier this year when the artist sued the company for $ 25 million for “false endorsement, misappropriation of likeness, and violation of its publicity rights.” According to WWD, this was due to the launch last fall of a women’s collection with a British fast fashion retailer Missguided unlimited. A few days later, his association, Citizen change joined in the action and sued GBG for its use of the ‘Vote or Die’ brand phrase.

The Sean John brand peaked in the 2000s as artists like Jennifer lopez and nelly rocked the loose, velvet clothes that have become a staple in hip hop culture. It was the first company to reflect the aesthetic. “We wanted to give them a fashion that represents them. We wanted to provide them with extremely multicultural and diverse fashion, ”Combs said. The Washington Post in 2016. “We gave them a fashion statement. “

2004 CFDA Fashion Awards - Press Room© GettyImages
Zac Posen and Diddy 2004 GettyImages

Diddy has put together million dollar runway productions that have attracted top editors, models and other fashion designers. Although he never went to design school, Diddy won the coveted CFDA Men’s Clothing Designer of the Year 2004, which was typically awarded to designers like Tom Ford and Michael Kors.

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