Diddy has long-established himself as quite the entrepreneur and his latest acquisition is a familiar one.
For, the mogul has bought back his Sean John brand and rescued the clothing line from bankruptcy.
Full story below…
The future of Sean John, which was launched in 1998, hung in the balance after its latest owner (GBG USA) filed for bankruptcy.
Diddy expressed interest in buying back the ownership of the company (which is named after him) and reportedly put down a $3.3 million offer. Initially.
However, word is that there were four other prospective bidders and it drove the music maestro’s winning price to double that sum ($7.5 million). A fee reportedly financed through one of his corporate entities.
Speaking on his successful purchase, Diddy 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.
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.”
At its commercial peak, Sean John encompassed many verticals – including fashion and fragrances – and was successful on a global scale.
Suffice to say, it’ll be interesting to see how Diddy (a proven pioneer across many mediums) will breathe life anew into Sean John all over again.
Exciting times.
