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 Diddy has officially won back the label following a bidding war that costed 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 that 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. Congrats, Mr. Combs!
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Diddy Wins Back Ownership Of Sean John With $7.5 Million Bid was originally published on blackamericaweb.com