Diddy Regains Ownership Of Sean John For $7.5 Million
Congratulations are in order for Diddy! The rap mogul has regained ownership of his once popular fashion label, Sean John for a price of $7.5 million! Diddy reportedly sold a 90% stake in Sean John to brand management firm Global Brands Group. The company’s North American sector filed for Chapter 11 bankruptcy in July 2021. According to reports, Diddy, 52, submitted a bid to buy the Sean John brand for $3.3 earlier this month. While there were four other parties who submitted an offer for the fashion brand, Diddy ultimately won the bid with the price tag of $7.5 million.
In a recent statement, Diddy shares his reason for wanting to reclaim the once popular fashion label. He said,
“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.”
Sean John was truly a cultural phenomenon that took the fashion world by storm. Not only did everyday people wear the brand, but countless celebrities rocked it and represented the brand in advertising and marketing. In February 2001, Sean John produced the first nationally televised runway show during New York Fashion Week when it simultaneously aired live on E! Television and the Style Network.
Congratulations to Diddy! What are your thoughts? Let us know down below!