We’ll always be rooting for Black-owned businesses, especially when it comes to those we’ve grown to love over the past few decades.
After making headlines earlier this month for interest in buying back his namesake clothing brand, Sean John, music mogul Sean “Diddy” Combs 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.”
As the story goes, Sean John was previously 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. In an effort to revive his initial goal of, as he also told TMZ, “building a premium brand that shattered tradition and introduced Hip Hop to high-fashion on a global scale,” Diddy decided to buy it back and breathe new life into the label for a new generation.
Anyone who can remember the signature script logo, velour suits and other streetwear staples synonymous with Sean John can definitely understand the potential for this to be a grand comeback moment.
Sean John was officially launched in the spring of 1998 and has since included a Who’s Who of celebrity brand ambassadors in its most notable ads, from model/singer Cassie and actress Lauren London to rap star Nelly, supermodel Tyson Beckford and even Diddy himself. Winning the CFDA Men’s Designer of the Year award in 2004 and establishing a major distribution deal with Macy’s grew the brand to even bigger heights, and there’s definitely a place for it in the current fashion zeitgeist with the recent resurgence of all things 2000s.
Diddy Buys Iconic Sean John Clothing Brand Out Of Bankruptcy was originally published on blackamericaweb.com