Music mogul and producer, Sean “Diddy” Combs has bought back his clothing brand Sean John out of bankruptcy.
Diddy reportedly obtained the rights back to Sean John after beating out four other interested parties, claiming it for about $7.5 million.
Although he ended up increasing his bid to $4 million extra following his initial $3.5 million bid, the “Last Train To Paris” hitmaker clearly isn’t bothered over the many extra stacks as he told TMZ following the acquisition, “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.”
The entertainment mogul, 52, started the streetwear brand back in 1998. Combs reportedly sold 90% of the company in 2016 to Global Brand Groups. At that time Sean Jean’s annual retail sales were around $450 million. In July 2021, GBG filed for Chapter 11 in New York.
Before the bankruptcy filing by GBG, Diddy’s relationship with them had turned sour. In February 2021, he filed a lawsuit against GBG for $25 million because of alleged “false endorsement, misappropriation of likeness and violating his publicity rights.” The suit has now been reportedly dropped.
Diddy’s current net worth is around $885 million from his multiple brands and companies that include music, TV production, alcohol, and other beverages.