Wednesday, January 19, 2022

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Diddy Allegedly Set to Reclaim Ownership of Sean John Following Bidding War

Diddy is set to take back his fashion brand – Sean John, years after its ownership went to someone else.

The music executive and all round entrepreneur recently won a bidding war to buy back his fashion brand Sean John—for a reported $7.5 million.

According to Billboard, Diddy got some very good news courtesy of the Manhattan federal bankruptcy court, as he has now officially won the bidding war to buy back his legendary fashion brand Sean John from the previous owner Global Brands Group, that is now bankrupt. Diddy (through his company SLC Fashion LLC) is set to once again be the sole owner of Sean John by purchasing it for $7.5 million after coming out on top over other bidders.

Speaking about the exciting news, Diddy said via statement:

“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. 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.”

According to court filing, SLC Fashion will pay $7.551 million for the Sean John brand’s assets – nearly double the initial $3.3 million bid, but still far less than he likely received when he sold it in 2016.

Another company, United Ventures, offered $7.5 million. The judge will consider whether to approve the sale at a hearing on Wednesday.

Diddy launched Sean John in 1998, eventually building to annual retail sales of around $450 million in 2016, according to Women’s Wear Daily. But that year, Diddy sold a 90% stake in the company to Global Brands, calling it a partnership that “provides us the opportunity to reach the Millennial customer on a global level.”

The relationship had soured by 2021, when Diddy sued Global Brands for trademark infringement over its use of his “Vote or Die” slogan. He said the phrase rightly belonged to him, and that using it with Sean John was meant to imply that he was still in control of the brand.

This past summer, Global Brands’ U.S. unit filed for Chapter 11 bankruptcy, citing losses during the COVID-19 pandemic. And earlier in December, the GBG unit that controls Sean John filed its own bankruptcy petition.

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