Sean “Diddy” Combs became the hip-hop mogul we recognized him as today by branching outside of music to develop businesses in fields like philanthropy, spirits, media production, fragrance and most notably fashion. One major source of the empire was his pioneering namesake label Sean John, which at the moment is 90% owned by apparel wholesaler GBG USA Inc.
After Global Brands Group filed for Chapter 11 bankruptcy this past summer, it now appears the company is hoping for someone to buy their majority share of Sean John — that person, thankfully, just might be the man it was originally named after.
TMZ has obtained exclusive documents that suggest Diddy — call him “Love” if you can keep up with his ever-changing aka’s — has put up a $3.5 million bid in hopes of getting full ownership of Sean John. So far he seems to be in the lead in terms of bids, but he still has just under two weeks before he can truly claim victory.
More details below on the fight for Sean John, via TMZ:
“The company has reportedly been looking for someone to come in and buy the brand since May … and now Diddy is stepping up and looking to be the winning bidder.
The brand launched in spring 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.
Other potential buyers will have until December 15 to put in a higher bid, but we believe Diddy has this one in the bag. Check out Sean John’s debut at NYFW from 2001 below to get an idea of what we could see making a comeback if fate goes in the right direction:
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Diddy Bids Millions To Buy Back Namesake Brand Sean John Out Of Bankruptcy was originally published on blackamericaweb.com