Diddy bids $3.3 million to buy Sean Jean brand from bankrupt majority owner

The business mogul bids $3.3 million on Wednesday in an attempt to reacquire the Sean Jean apparel brand he founded 23 years ago

Sean “Diddy” Combs is trying to rescue the Sean Jean apparel brand he founded 23 years ago following a bankruptcy filing by the company’s current owner.

On Wednesday, Combs bid $3.3 million to reacquire Sean John from the North American division of Global Brands Group USA Inc. (GBG), the brand management firm and holding company that filed for bankruptcy in July, according to the Wall Street Journal.

Sean ‘Diddy’ Combs accepts the President’s Merit Award onstage during the Pre-GRAMMY Gala and GRAMMY Salute to Industry Icons Honoring Sean “Diddy” Combs on January 25, 2020 in Beverly Hills, Calif. (Photo by Alberto E. Rodriguez/Getty Images for The Recording Academy)

GBG has owned 90% of Sean Jean since Combs sold most of the company back in 2016, according to fashion industry news site WWD. Sean Jean generated about $450 million in annual retail sales in 2016, but the Covid-19 pandemic took a major toll on GBG’s finances, according to Fashion United, a trade publication.

Bloomberg reports that GBG, which also owns other brand labels created by Jennifer Lopez, Eva Longoria and the estate of Bob Marley, has been looking for a buyer for Sean Jean since May.

A Dec. 15 deadline has been set for other buyers to submit higher bids, according to TMZ. The entertainment news site reports sources close to Diddy say he is enthusiastic about reacquiring and revamping Sean John.

The brand, founded in 1998, was one of the most popular hip-hop clothing companies during the 2000s, along with other urban apparel lines such as Jay Z‘s Rocawear and Kimora Lee Leissner‘s Baby Phat.

Comb’s previous plan was for GBG to help Sean Jean attract more millennial customers, according to Fashion United, but their business relationship soured after GBG allegedly used the mogul’s 2004 “Vote or Die” campaign slogan on merchandise without his permission.

In February, Combs filed a $25 million lawsuit against Sean Jean and an additional $60 million suit against GBG for trademark infringement, according to HypeBeast and PageSix.

Have you subscribed to theGrio podcasts, Dear Culture or Acting Up? Download our newest episodes now!

TheGrio is now on Apple TV, Amazon Fire, and Roku. Download theGrio today!

The post Diddy bids $3.3 million to buy Sean Jean brand from bankrupt majority owner appeared first on TheGrio.

Leave a Reply

Your email address will not be published.