Sean “Diddy” Combs saved his fashion brand Sean John from bankruptcy by purchasing the company for $7.5 million. Combs won a bidding war on the brand and beat out four interested buyers to secure the deal.
“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,” said Combs. “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.”
Diddy was named menswear fashion designer of the year by the Council of Fashion Designers of America back in 2004 for his contribution to fashion. The 52-year-old also won FiFi Awards for his cologne brands “Unforgivable” and “I Am King.”
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The company faced scrutiny for violating labor laws in Honduras and using raccoon dog fur on Sean John jackets back in 2003. However, Combs was cleared of any wrongdoing and stated at the time that he would not continue working with any facility with labor violations.
“I will not tolerate any violation of labor laws at any facility where Sean John is manufactured,” he said.
The deal is expected to be by the end of the week.
