Sean “Diddy” Combs just bought back the rights to his famous streetwear label,
Sean John, just in time for the
holidays.
The artist and entrepreneur bought the company for $7.551 million.
According to an exclusive from
Women’s Wear Daily (WWD), Combs put in a bid to buy back the Sean John brand earlier this month with an initial offer of $3.3 million, and though four other investors also came in with bids, after a December 20 auction, Combs came through with the final amount.
“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 shared 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.”
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Combs first launched Sean John at the end of the ‘90s and it was an instant success. In 2000, the brand boasted sales of $200 million. Sean John was carried in over 1,200 stores across the states. Many celebrities flaunted the brand, including then-girlfriend JLo’s iconic VMAs Sean John-look from the same year.
The Council of Fashion Designers of America recognized Combs as the top menswear designer of the year, awarding him the honor over more established designers like Ralph Lauren and Michael Kors.
Combs sold the company in 2016. At the time, it was garnering in approximately $450 million a year, with plans to increase that to a billion-dollar business through international expansion. Combs reportedly retained a 10 per cent interest, while Global Brands Group (GBC) took on a 90 percent ownership.
GBC USA filed for Chapter 11 bankruptcy over the summer and put its assets up for sale, including Sean Jean. They contacted more than 40 potential purchasers, but Combs ultimately won the rights to the label back.
Fans are looking forward to how Combs reinvents the classic brand and its iconic tracksuits for the next generation of streetwear enthusiasts. Take a look at this gallery of celebrities in Sean John over the years as we prepare for the next wave of the legendary streetwear brand.
