Sean ‘Diddy’ Combs has taken back control of his Sean John clothing company, having bought it out of bankruptcy from brand management firm Global Brands Group.
Combs announced earlier this month that he had made an offer of $3.3 million to buy back the fashion firm. He wasn’t the only person who wanted it though, so had to see off some other bidders. He has now confirmed that he has secured the company for himself for a total of $7.5 million.
So, more than he wanted to spend, but still a pretty good deal, given that he sold a majority stake in the company to GBG for $70 million back in 2016.
“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”, he says in a statement to TMZ.
“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”, he adds.
Earlier this year, Combs sued Global Brands Group twice in the space of a month, both for trademark infringement and for overstating his current involvement with the Sean John brand. So presumably that’s all off now.