Topline
Sean “Diddy” Combs will reacquire the “Sean John” men’s fashion brand that he founded in 1998 after making the winning $7.551 million bid at an auction as the rapper turned mogul looks to get back into the clothing industry.
Rapper turned mogul Diddy is looking to re-enter the clothing industry.
Key Facts
The Combs-backed SLC Fashion LLC was behind the winning $7.551 million cash bid to purchase “Sean John” Monday, according to court filings viewed by Forbes.
The $7.551 million bid narrowly beat out United Ventures LLC’s $7.50 million cash offer.
Crucial Quote
Combs said in a written statement to Forbes: “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.”
Big Number
No. 37. That’s where Combs landed on Forbes’ “Highest-Paid Celebrities” list in 2020 thanks in large part to his extensive beverage investments, including a partnership with Ciroc vodka and ownership of DeLeón tequila,
Further Reading
Sean ‘Diddy’ Combs Wants to Buy His Sean John Brand Out of Bankruptcy (Bloomberg)
Diddy Wins Bid to Buy Back Sean John From Bankrupt Owner for $7.5 Million (Billboard)
