Sean “Diddy” Combs has won an intense bidding war to buy his Sean John fashion label back from the brand’s now-bankrupt owner.
News surfaced about three weeks ago that the hip hop mogul wanted to buy back his namesake fashion brand, allegedly offering US $3.3 million.
Now, Forbes is reporting that the bankrupt Global Brands Group has alerted a federal judge that SLC Fashion LLC – a company associated with Combs – has won a bidding war to purchase the company.
The North American arm of the Hong Kong-based company filed for Chapter 11 in July this year, seeking to sell its assets, which included Aquatalia, Ely & Walker and Tahari, as well as Sean John.
“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 told Forbes.
“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.”
Buying back the company won’t come cheap.
Love Hip Hop?
Get the latest Hip Hop news, features, updates and giveaways straight to your inbox Learn more
Although Combs was initially keen to pay US$3.3 million, SLC Fashion LLC has allegedly won the ownership rights for a cool US$7.551 million.
Four other parties were vying for the company, according to Women’s Wear Daily.
The back-up bidder, United Ventures, lost to Diddy with a US$7.5 million cash bid.
Combs is believed to have retained a 10 percent stake in the brand when he sold it to GBG in 2016.
With a net worth estimated at around US$885 million, it’s unlikely Combs will be filing for bankruptcy any time soon.
His business portfolio spans across fashion, music, TV production, athletic beverages and alcohol.
As chairman and chief executive officer of Combs Enterprises, he oversees Bad Boy Entertainment, Combs Wine & Spirits (Ciroc and DeLeon), Aquahydrate, Revolt Films, TV & Media and Capital Prep Harlem.
