Sean “Diddy” Combs wants that old thing back. He announced Tuesday that he has regained majority ownership in Sean John. The mogul submitted a $7.5 million bid in an auction, which was accepted, to save the company from bankruptcy.
“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,” he said in a statement. “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.”
There were reportedly four other bidders, but Combs came out on top with the winning bid. Diddy’s $7.5 million bid was reportedly all in cash. It will be approved by a judge Wednesday through a telephone hearing, barring any objections.
Diddy sold Sean John to Global Brands Group in 2016, which owned 90 percent. It subsequently filed for Chapter 11 bankruptcy in New York. Diddy initially pledged $3.3 million toward buying back the brand but eventually settled on the $7.5 million figure.
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