Diddy wins the bidding war to buy back his fashion brand Sean John for $ 7.5 million

#Roommate, years after his iconic fashion brand fell into someone else’s hands, Diddy is now bringing home Sean John and will pay millions for it. According to new reports, Diddy recently won a bidding war to buy back his fashion brand Sean John – for a reported $ 7.5 million.

@Billboard reports that Diddy got some very good news Courtesy of the Manhattan Federal Bankruptcy Court, as he has now officially won the bidding war to buy back his iconic fashion brand Sean John from former owner Global Brands Group, which is now bankrupt. Diddy (via his company SLC Fashion LLC) will once again be the sole owner of Sean John by buying it for $ 7.5 million after outperforming other bidders.

This news comes shortly after reports surfaced almost a month ago that Diddy was interested in buying back his fashion brand, which was an integral part of the hip hop community in the late 90s and 2000s.

Regarding the exciting news, Diddy said in a statement:

“I founded Sean John in 1998 with the aim of building a premium brand that would break tradition and introduce hip-hop to high fashion on a global scale. When I see how streetwear has developed to rewrite the rules of fashion and impact culture across all categories, I am ready to regain ownership of the brand, to build a team of visionary designers and global partners for the next chapter of Sean John’s legacy. “

You will recall that Diddy officially launched Sean John in 1998 and the company’s annual retail sales were an estimated $ 450 million through 2016. In the same year, however, he sold 90% of the shares in the company to Global Brands, saying: at the time when the deal “gives us the opportunity to reach millennial customers on a global basis”.

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