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Top line
Sean “Diddy” combs to buy ‘Sean John’ men’s fashion label he founded in 1998 after bidding winning $ 7.551 million at auction as rapper-turned-mogul seeks to return to the industry of the garment.
Rapper turned tycoon Diddy is looking to re-enter the clothing industry.
AP images for Macy’s
Highlights
SLC Fashion LLC, backed by Combs, was behind the winning cash offer of $ 7.551 million to buy “Sean John” on Monday, according to court documents viewed by Forbes.
The $ 7.551 million offer narrowly beat United Ventures LLC’s $ 7.50 million cash offer.
Combs had sold a controlling stake in Sean John in 2016 to Global Brands Group Holding Ltd., a holding company specializing in celebrity clothing lines that filed for Chapter 11 bankruptcy in July and put “Sean John” and his others. auction assets.
Crucial quote
Combs said in a written statement to Forbes: “I started Sean John in 1998 with the goal of creating an upscale brand that broke tradition and brought Hip Hop into high fashion on a global scale. Seeing how streetwear has evolved to rewrite the rules of fashion and impact culture across all categories, I’m ready to reclaim brand ownership, build a team of visionary designers and global partners to write the next chapter of the legacy of Sean John.
Large number
$ 55 million. That’s what Combs earned last year thanks in large part to its massive investments in drinks, including a partnership with Ciroc vodka and tequila property DeLeón, placing it 37th among Forbes“List of the highest paid celebrities”.
Further reading
Sean ‘Diddy’ Combs wants to buy out his Sean John brand from bankruptcy (Bloomberg)
Diddy wins bid to buy Sean John from bankrupt owner for $ 7.5 million (Billboard)
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