Sean “Diddy” Combs has bought back his his streetwear brand, Sean John.
The rapper turned streetwear designer won a $7.5 million bid to regain total ownership of the brand, WWD reported. Combs launched the brand in 1998 and sold a majority stake to Global Brands Group in 2016.
“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,” Combs said in a statement to WWD. “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.”
Global Brands Group designs, develops, markets, and sells products under a portfolio of owned and licensed brands, including Fiorelli, AllSaints, Navigare, Dirk Bikkembergs, Dimensione Danza, and more. The North American Arm of Global Brands Group filed for Chapter 11 bankruptcy protection in July and began seeking out ways to sell off its assets, including the Sean John brand.
FN has reached out to Global Brands for a comment.
According to WWD, Combs became the stalking horse bidder for his brand earlier this month when he submitted a $3.3 million bid in bankruptcy court to obtain the brand through SLC Fashion LLC, an acquisition company.
Combs sued GBG for almost $25 million earlier this year, alleging the unlawful trading of his name after GBG partnered with British retailer Missguided to sell Sean John apparel. The lawsuit was dropped after GBG filed for bankruptcy.