Sean 'Diddy' Combs Saves Sean John Fashion Brand From Bankruptcy

Sean ‘Diddy’ Combs Saves Sean John Fashion Brand From Bankruptcy

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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.

The music mogul launched his fashion brand Sean John in 1998 but sold 90 percent of the company in 2016 to Global Brands Group USA. GBG USA filed for chapter 11 in July. Combs decided to take back the reins and save the fashion brand from bankruptcy.

The fashion designer initially bid $3.3 million to buy back the fashion company and more than doubled his bid when the other four parties interested in the company also made bids. Combs gave a statement to TMZ after the news broke.

“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.”

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.