Diddy has had his eye on Sean John brand for a while now, and it looks like the hip-hop mogul has finally purchased the brand sporting his name after some intense bidding.
Diddy has officially saved his Sean John fashion brand from bankruptcy after purchasing the company for $7.5 million, TMZ reports.
According to the outlet, the 52-year-old mogul emerged as the winner in a four-way bidding match for the brand on Tuesday (Dec. 21). The multimillion-dollar deal will be finalized later this week.
In a statement to REVOLT, Diddy expressed his excitement about once again owning his namesake brand.
“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,” he said.
“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.”
As reported by REVOLT, Diddy sold a 90 percent majority stake in Sean John – which has been modeled by the likes of Nelly, T.I., Mariah Carey, Mary J. Blige and more – to Global Brands Group back in 2016.
This July, the company’s U.S. arm filed for Chapter 11 bankruptcy in New York and began selling off its key assets.
Earlier this year, Diddy also filed two multimillion-dollar lawsuits against Global Brands Group and accused the company of using his image and one of his trademarks without his permission.
According to The New York Post, the Bad Boy Records founder filed a $25 million lawsuit against Global Brands Group for using his image likeness and another $60 million lawsuit for breach of contract, unfair competition, common law trademark infringement, deceptive practices and unjust enrichment.
Diddy initially offered a $3.3 million bid for Sean John, but ended up paying more than double the amount in cash to reclaim the brand.