It looks like Diddy is putting his money where his mouth is when it comes to his OG fashion company. In the latest news, the Bad Boy Entertainment founder is trying to the Sean John brand back after the current owner filed for bankruptcy.
Diddy founded Sean John in 1998 and the brand took off instantly. Celebrities like Mariah Carey, Cassie, and Nick Cannon in Love Don’t Cost a Thing have all been caught in the famous jean and sportswear brand. In 2016, Diddy sold the majority of the brand for about $70 million to Global Brands Group (GBG). However, the brand just recently filed for Chapter 11 bankruptcy in New York.
In an attempt to rescue his brand, Diddy has placed a bid for $3.3 million.
Diddy and Global Brands Group haven’t always had the best history. According to HypeBeast, he has sued the company twice earlier this year. In February, he sued GBG for $25 million on account of “false endorsement, misappropriation of likeness and violating his publicity rights.” A week later he sued for $60 million “for breach of contract, unfair competition, common law trademark infringement, deceptive practices, and unjust enrichment.”
The multi-million dollar mogul and the bankrupt holding company have a rough past, but GBG claims it has much respect for Sean John. Bloomberg reports, “GBG USA Chief Financial Officer Mark Caldwell described the Sean John brand as a ‘crown jewel’ of the company’s brand portfolio.”
Potential buyers have until December 15 to place a final bid on Sean John.