Don’t call it a comeback!
Good news is in the air for Diddy, who has regained ownership of his former clothing brand Sean John, which previously went bankrupt.
TMZ reports he bought out the brand from bankruptcy with $7.5 million in cash. A bidding war happened between him and four others.
“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 told TMZ. “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.”
Earlier this month, he expressed interest in purchasing his former streetwear brand’s assets out of bankruptcy. His initial bid was $3.3 million. The brand at the time was 90 % owned by Global Brands Group USA, GBG USA Inc., which was in bankruptcy.
