Sean ‘Diddy’ Combs, the music and fashion magnate, has reclaimed ownership of Sean John, saving it from bankruptcy. Three other firms competed for the rights to the ailing clothing brand before Diddy’s winning bid.
In a statement, Combs stated, “I founded Sean John in 1998 with the purpose of developing a premium brand that disrupted convention and introduced Hip Hop to high-fashion on a worldwide scale.”
“After witnessing how streetwear has grown to rewrite the laws of fashion and influence culture across categories, I’m ready to regain ownership of the brand, assemble a team of innovative designers, and collaborate with global partners to create the next chapter of Sean John’s legacy.”
GBG USA Inc., which marketed the collections mostly through bargain retailers such as Costco and TJ Maxx, took over the brand and put it into administration. Combs agreed to pay $51,000 more than the top bidder, according to court documents.