Diddy buys back his iconic “Sean John” clothing brand out of bankruptcy.
Diddy speaks much about “Black Excellence” in much of want he does on social media. To many, Sean John was a symbol of this before “Black Excellence” became coined phrase. Earlier this month on social media Diddy made it know of his interest to buy back his namesake clothing brand, Sean John. The music mogul has officially won back the label following a bidding war that cost him a cool $7.5 million.
Diddy reportedly obtained the rights back to Sean John after beating out four other interested parties. Although he ended up shelling out $4 million extra following his initial $3.5 million bid, the Last Train To Paris hitmaker clearly isn’t tripping over the many extra stacks as he told TMZ following the acquisition, “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 reportedly under 90% ownership of apparel wholesaler Global Brands Group. Operating under GBG USA Inc., the company, unfortunately, fell into Chapter 11 bankruptcy over the summer and as a result, made Diddy’s namesake clothing brand available for the bidding. Diddy also told TMZ, “building a premium brand that shattered tradition and introduced Hip-Hop to high-fashion on a global scale.” With that, Diddy decided to buy it back and breathe new life into the label for a new generation.
The velour suits “were a thing” back then most notably the signature script logo. With the branding power that Diddy has, the potential for this to be a global brand again is astronomical.
A little background story on the brand. Sean John was officially launched in the spring of 1998. Just as most brands follow the path of hiring celebrity brand ambassadors, Sean John did the same. Its most notable ambassadors were model/singer Cassie, actress Lauren London, rap star Nelly, and even supermodel Tyson Beckford.