Diddy Combs Wants to Buy His Sean John Brand Out of Bankruptcy
Sean ‘Diddy’ Combs has plans to continue to grow his fashion business. According to reports, the 52-year-old music mogul has bid $3.3 million to buy the assets of Sean John, the fashion and lifestyle brand he founded in 1998, out of bankruptcy.
According to court papers, GBG USA Inc., a bankrupt brand management firm, owns 90% of the Sean John brand through a joint venture with Combs.
An entity affiliated with Combs has been named the so-called stalking-horse bidder for Sean John, setting a floor for further bids, court papers show. Other potential buyers can submit offers until December 15.
Sean John was a privately held fashion lifestyle company created by Diddy. The line made its fashion debut with a men’s sportswear collection for the spring 1998 season. Individuals of note who have represented the brand in advertising and marketing include Combs himself, musicians Nelly, T.I., Mariah Carey, Nas, Fabolous, Dolla, Usher, Pharrell Williams, Mary J. Blige, Rick Ross, Mack Wilds, and Busta Rhymes; actors Lauren London, Cassie Ventura, Jamie Foxx, Penélope Cruz, Jussie Smollett, and Vincent Pastore; athlete Dwyane Wade; fashion models Tyson Beckford, Naomi Campbell, Channing Tatum, and many notable DJs.
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